12th PropertyGuru Asia Property Awards (Singapore) search for the finest real estate as market sentiment improves

SINGAPORE, May 20, 2022 – (ACN Newswire) – The Singapore edition of the PropertyGuru Asia Property Awards, organised by Southeast Asia's leading property technology company, PropertyGuru (NYSE: PGRU), will return to the Lion City for its 2022 edition.

Prominent, senior real estate industry figures gather 12 May at The Capitol Kempinski Hotel Singapore for the leaders' luncheon celebrating the launch of the 2022 edition of the PropertyGuru Asia Property Awards (Singapore)

Jules Kay, General Manager of PropertyGuru Asia Property Awards & Events, delivers his opening remarks during the PropertyGuru Asia Property Awards (Singapore) Leaders' Luncheon on 12 May at The Capitol Kempinski Hotel Singapore

— Exclusive gala celebration to be held on 28 October 2022 at Shangri-La Singapore
— Entries and nominations are open to eligible companies and the public, respectively, until 19 August, with several new titles for local and transnational developers
— International audience can watch a live stream of awards presentation via AsiaPropertyAwards.com and digital platforms

The 12th PropertyGuru Asia Property Awards (Singapore), supported by Kohler and Mitsubishi Electric Asia Pte Ltd., will be presented at an exclusive in-person gala event at the Shangri-La Singapore on Friday, 28 October 2022. Nominations and entries are being accepted online until 19 August: www.asiapropertyawards.com/en/nominations

The return of the black-tie gala celebration comes as property seekers in the city-state cope with shifts brought by the new normal and look to a better future, according to findings by the H1 2022 PropertyGuru Consumer Sentiment Study (CSS) (tinyurl.com/45mrax8k ).

The study recorded an uptick in the overall Sentiment Index (tinyurl.com/2p92v3c5) – a measure of current real estate satisfaction and overall climate, housing affordability, interest rates, perceived government efforts, and property prices by PropertyGuru.com.sg, Singapore's No. 1 property marketplace. This uptick was driven by Singaporeans' positive outlook on future property prices, more reasonable perception of home loan interest rates, and better-perceived government efforts to make housing more affordable.

Following last year's successful virtual gala event, the PropertyGuru Asia Property Awards (Singapore) this year have added new categories, honouring real estate companies with developments not only in the city-state but also those with projects abroad.

Key dates:

19 August 2022 – Entries Close
5-28 September 2022 – Site Inspections
29 September 2022 – Final Judging
28 October 2022 – Gala Event and Awards Ceremony in Singapore
9 December 2022 – Regional Grand Final Gala Event in Bangkok, Thailand

All-new award titles

Entries and nominees will be shortlisted across 81 categories. They include the all-new title of Best Transnational Developer, open to companies with developments outside Singapore, as well as Best Luxury Developer. Never-before-presented titles will also be given to eligible residential projects across the city-state: Best Premium Condo Development, Best Waterfront Condo Development, Best Lifestyle Development, Best Wellness Condo Development, and Best Nature-Integrated Condo Development.

Jules Kay, General Manager, PropertyGuru Asia Property Awards & Events, said: "The number of quality developments, designs and development companies has grown every year and many of them have been instrumental in driving that growth. Singapore properties and developers always feature highly in the list of the Best in Asia. It's clear that as leaders in this field, they have set a standard in Singapore for others to follow. The PropertyGuru Asia Property Awards (Singapore) look forward to recognising their achievements this year and in the years to come."

Dr. Tan Tee Khoon, Country Manager, PropertyGuru.com.sg, said: "Singaporean developers have kept the real estate industry dynamic even in these unprecedented times. I hope that these companies will continue their innovations and push forward their projects with world-class concepts and design across all asset segments, and that they will remain committed to sustainability, green building and ESG."

To launch the 2022 edition, PropertyGuru hosted a luncheon with local developers to celebrate the opening of the nominations and the new categories.

From the Awards in Singapore, main country winners will proceed to the 17th edition of the PropertyGuru Asia Property Awards Grand Final in Bangkok, Thailand where they will compete with peers for Best in Asia honours. At the 2021 edition of the Grand Final, companies from Singapore scored four regional wins, including the Best Hospitality Developer (Asia) title, which was presented to UOL Group Limited.

The 2022 gala event in Singapore will continue to reach consumers, investors and agents internationally by streaming live on AsiaPropertyAwards.com and digital platforms such as Facebook, YouTube, and LinkedIn. The PropertyGuru Asia Property Awards virtual gala series, which began streaming in 2020 and continued in 2021, has garnered around 1 million views to date across multiple channels.

The 12th Annual PropertyGuru Asia Property Awards (Singapore) programme is supported by gold sponsors Kohler and Mitsubishi Electric Asia Pte Ltd.; official portal partner PropertyGuru.com.sg; official magazine PropertyGuru Property Report; official cable TV partner History Channel; official PR partner Artemis Associates; and official supervisor HLB.

For more information, email awards@propertyguru.com or visit the official website: AsiaPropertyAwards.com.

NOTE: Use of the PropertyGuru Asia Property Awards (Singapore) logo is limited to the publication of this article only.

General Enquiries:
Richard Allan Aquino
Head of Brand & Marketing Services
M: +66 92 954 4154
E: allan@propertyguru.com

Kanittha Srithongsuk
Regional Manager, Awards Sponsorship
M: +66 93 293 9794
E: kanittha@propertyguru.com

Media & Partnerships:
Nate Dacua
Media Relations & Marketing Services Manager
M: +66 92 701 2510
E: nate@propertyguru.com

Sales & Nominations:
Alicia Loh
Awards Manager
M: +65 8382 0078
E: alicia@propertyguru.com.sg

PropertyGuru's Asia Property Awards, established in 2005, are the region's most exclusive and prestigious real estate awards programme. The Asia Property Awards are recognised as the ultimate hallmark of excellence in the Asian property sector. Boasting an independent panel of industry experts and trusted supervisors, the Awards have an unparalleled reputation for being credible, ethical, fair and transparent.

In 2022, the Awards series is open to more than a dozen key property markets around the region. The exciting gala events welcome senior industry leaders and top media, as well as reach property agents and consumers via live streaming. Recognising excellence within each Asian market with a variety of categories, including green and sustainable development, each local awards programme will culminate in the PropertyGuru Asia Property Awards Grand Final, which takes place after the PropertyGuru Asia Real Estate Summit during 'PropertyGuru Week' in December 2022.

For more information, please visit AsiaPropertyAwards.com

PropertyGuru Group is Southeast Asia's leading property technology company, and the preferred destination for over 52 million property seekers to find their dream home, every month. PropertyGuru and its group companies empower property seekers with more than 3.3 million real estate listings, in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand, Indonesia, and Vietnam.

PropertyGuru.com.sg was launched in 2007 and has helped to drive the Singapore property market online and has made property search transparent for the property seeker. Over the decade, the Group has grown into a high-growth technology company with a robust portfolio of leading property portals across its core markets company; award-winning mobile apps; a high-quality developer sales enablement platform, PropertyGuru FastKey ( www.propertygurugroup.com/fastkey/ ); mortgage marketplace PropertyGuru Finance ( www.propertyguru.com.sg/mortgage/home-loan ); and a host of other property offerings including Awards ( www.asiapropertyawards.com/en/ ), events and publications across Asia.

For more information, please visit www.PropertyGuruGroup.com;

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Habitat for Humanity: Innovation Awards at the Virtual Asia-Pacific Housing Forum to Promote Winning Sustainable Solutions for Affordable Housing

BANGKOK, Sep 3, 2021 – (ACN Newswire) – The Asia-Pacific Housing Forum's Innovation Awards recognize and celebrate innovators and disruptors in the affordable housing sector. Startup and scaleup companies, policymakers and advocates, architects and engineers are invited to submit sustainable and practical solutions for affordable housing.

Paulette Liu

"The Asia-Pacific region faces complex housing challenges, compounded by rapid urbanization, natural and human-made disasters, the negative effects of climate change, and persistent poverty and inequality," said Luis Noda, Asia-Pacific vice president of Habitat for Humanity. "We need everyone working together and every possible creative solution that is locally adapted to address the housing deficit."

"The recognition allowed us to expand our circle of influence, created more awareness about our advocacy in the community and open more opportunities to help others," said Paulette Liu, president of SKILLS and a 2019 Innovation Awards winner.

The Innovation Awards (visit aphousingforum.org/innovation-awards) underscores the importance of strategic collaboration, specifically by multiple sector partnerships that foster innovations. The Awards are organized by Habitat for Humanity in collaboration with the Hilti Foundation, Whirlpool and the European Union-funded SWITCH-Asia SCP Facility.

There are three award categories: ShelterTech, Public Policies, and Inspirational Practices. The ShelterTech category seeks technology innovations (product & services) led by the private sector; while the Policies category promotes innovative public policies across all government levels to help reduce the housing deficit while taking into consideration specific needs of minorities, vulnerable and marginalized populations. The third category recognizes practices from public or public-private partnerships that contribute to improved communities and settlements and increased access to affordable housing for the most disadvantaged segments of society.

A special Sustainability Award, sponsored by the SWITCH-Asia SCP Facility, will be given to the innovator who will score highest in showcasing scalable solutions for sustainable housing, regardless of the category. The EU and its SWITCH-Asia Programme recognize the critical importance of the housing sector to sustainable consumption and production, and promote sustainable housing and buildings as part of their support for green, circular economies in its 24 target countries in Asia.

"For Asian countries to achieve more sustainable consumption and production in the housing and building sector, it is vital that we heed diverse experiences and adapt these to local realities. The SCP Award will showcase one solution that is particularly inspiring, and we are looking forward to supporting its winner in connecting with EU SWITCH-Asia stakeholders," said Zaida Fadeeva, Team Leader of the SCP Facility.

The top 12 finalists will get to present their ideas in front of a jury panel and the public during the virtual Innovation Awards Grand Premiere on December 1. Winners will be announced on December 8, 2021 during the Asia-Pacific Housing Forum. Each winner will receive a trophy and a US$ 5,000 cash prize. Deadline for submission is September 12, 2021.

The Forum, with the theme "Building forward better for inclusive housing," includes program tracks on resilient cities and communities, innovative housing solutions and technologies, sustainability in the housing sector, and financing affordable housing. It includes a training course on land tenure and markets and a youth congress that will highlight the need for decent, affordable housing and the ways in which the youth can contribute to addressing the housing challenge.

Register for complimentary access to the fully virtual Asia-Pacific Housing Forum at aphousingforum.org.

About Habitat for Humanity

Driven by the vision that everyone needs a decent place to live, Habitat for Humanity began in 1976 as a grassroots effort and has since grown to become a leading global nonprofit working in more than 70 countries. In the Asia Pacific region since 1983, Habitat for Humanity has supported millions of people to build or improve a place they can call home. Through financial support, volunteering or adding a voice to support affordable housing, everyone can help families achieve the strength, stability and self-reliance they need to build better lives for themselves. To learn more, donate or volunteer, visit habitat.org/asiapacific

About EU SWITCH-Asia Programme

Launched in 2007, the SWITCH-Asia programme is the largest European Union-funded programme promoting Sustainable Consumption and Production (SCP) supporting 24 countries in Asia and Central Asia. The programme has funded around 130 projects, supporting over 500 Asian and European non-for-profit partners, about 100 private sector associations and 80.000 Asian MSMEs. The SCP Facility, one of SWITCH-Asia Components, aims at strengthening the implementation of SCP policies at the national level, facilitating the coordination of all components of the programme through information sharing. In addition, it carries out analyses on the results of the pilot projects and supports dialogue with stakeholders.

The EU and its SWITCH-Asia programme have recognised the critical importance of the housing sector to sustainable consumption and production or SCP, and the construction, housing and buildings cluster is a major pillar of EU policy and SWITCH-Asia activities. It is highlighted as part of the green transition in the flagship EU Green Deal (2019) and the Circular Economy Action Plan (2020). To stimulate further green innovations, the EU has also put forward legislation including its Construction Products Regulation. As the housing and building stock in Europe is not expected to grow as dynamically as in Asia, one of the focus areas for the EU is the renovation of existing buildings for increased energy efficiency, through its "Renovation Wave" strategy (2020), which prioritises social housing. In the SWITCH-Asia programme, several national assignments focus on implementing SCP principles in the buildings sector, including in Pakistan, Bangladesh and Kyrgyzstan.

Media contact:
Maetavarin Maneekulpan

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Huijing Holdings 2021 Interim Results Contracted Sales Increases Strongly by Over 162%

HONG KONG, Aug 26, 2021 – (ACN Newswire) – Huijing Holdings Company Limited ("Huijing Holdings" or the "Group"; Stock code: 9968), an integrated residential and commercial property developer in the PRC, with a strong presence in the Greater Bay Area, has today announced its unaudited interim results as at 30 June 2021.

Strong growth of contracted sales and steady improvement of results

For the six months ended 30 June 2021 ("period"), the Group's strategic blueprint of a "one focus, one core, and two wings" quality property mix and professional services has enabled it to record solid growth against a backdrop of adversity, achieving contracted sales of approximately RMB6,411.0 million, representing a year-on-year growth of around 162.0%. In the period, significant projects launched by the Group included Nine Miles Bay, Xingfu District in Pinghu, Huijing Yanhu International Resort and Hefei Huijing City Centre. The Group recorded net profit of approximately RMB453.4 million in the period, a gain of 48.2% from the previous corresponding period, while net profit margin was 14.7%.

In the period, the Group recorded a revenue of approximately RMB3,092.7 million, representing an increase of approximately 35.8% from the previous corresponding period. Total GFA delivered surged by 67.2% from the same period last year to approximately 399,443 sq.m., mainly from the projects including Nine Miles Bay, Huijing Yanhu International Resort and Hefei Huijing City Centre.

Continued expanding land bank and advancing development of urban renewal projects

In the period, the Group grasped the trend and emphazised the development potential of the city guided by its strategic direction of "Maintain foothold in the Greater Bay Area, penetrate Dongguan, and sustain coverage of high-valued cities in the Southern, Eastern and Central China areas", thus continuously increasing its land reserve and the development potential of urban areas. As at 30 June 2021, the Group's land reserves amounted to approximately 3,578,982 sq.m., within 26 projects and 5 parcels in 12 cities. During the period, it added a total GFA of around 582 thousand sq. m., for five projects.

The Group's urban renewal projects have realised good progress. In the period, the Group secured the land for one urban renewal project which is Shatian Renzhou Area Project with a total site area of approximately 77,321 sq.m.; Project Zhangmutou Baoshan Area and Humen Xinwan Area were also processing well, the land supply target is expected to be completed within the year. Meanwhile, 1 urban renewal project which is Hongmei Hongwugao Area, Dongguan, with a site area of 485,300 sq.m. was secured by the Company to serve as preparatory services provider. As of now, the Company has secured a total of 8 related projects with a site area of 2.04 million sq.m.. It is also working on 12 projects with a total site area for renewal unit of approximately 2.8 million sq.m..The Group will continue to seize urban development opportunities, acquire land parcels with strategic geographical advantages and optimise the layout of urban renewal projects, so as to become a leading developer in the urban renewal project realm across the Greater Bay Area.

Financial position remained stable with ongoing improvement in capital structure

The Group's financial position has remained stable. In the period, total assets amounted to RMB 16.27 billion, with a net gearing ratio of 14.0%. The Group was given a "B+" rating with a positive outlook by Lianhe Ratings Global, a research institute. Going forward, the Group will use the cash generated from its operating activities, available banking facilities and net proceeds from the global offering to further improve its financial and debt structures, and reduce finance costs. In addition, it will continue to strengthen cash flow management, speed up turnover pf receivables and increase the rate of capital turnover.

Future strategies: To seize opportunities, maintain the foothold in the Greater Bay Area, integrate industry and the city, and improve project quality

The eocnomic development in the PRC has graudally revived as the severity of the pandemic has been easing. The Group has adopted more active sales and marketing strategies to reinforce its strategic positioning and faciliate both industrial and economic upgrades. Looking ahead, the Group will continue to "focusing on residential development projects, while taking the urban renewal projects as the core, taking the cultural and tourism-healthy living towns and the scientific and innovative technologies industrial towns as the two-wing", and work from its "one focus, one core and two wings" blueprint. In addition, the Group will strive to bring integrated renewal in residential and industrial development to the city by linking the upstream and downstream industrial chains, providing customers with a more comprehensive and diversified way of "new production" and "new life". In the future, the Group will keep strengthening our overall competitiveness for delivering sustainable returns to shareholders.

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Hektar REIT 2Q Revenue up 4.5%

KUALA LUMPUR, Aug 26, 2021 – (ACN Newswire) – Hektar Asset Management Sdn. Bhd., the Manager of Hektar Real Estate Investment Trust ("Hektar REIT"), today announced the second quarter results ended 30 June 2021 ("2Q 2021"). Hektar REIT recorded revenue of RM25.71 million, which is 4.5% higher than the RM24.60 million recorded in the same quarter of the preceding year.

Hektar REIT Summary of Financial Results for 2Q21 (unaudited)

Net property income meanwhile was RM10.21 million, a decrease of 14.8% compared to the RM11.97 million recorded in 2Q 2020. The reported decline was in line with other retail and hospitality REITs affected by the pandemic due to the implementation of various Movement Control Orders and mobility restrictions. Realized income for 2Q 2021 was 5.2% higher at RM1.58 million compared to the RM1.50 million recorded in 2Q 2020. Earnings per unit ("EPU") of 0.34 sen was recorded for the second quarter.

While the operating landscape continues to be challenging for the retail industry due to the prolonged COVID-19 pandemic, Hektar REIT is hopeful that the situation will gradually normalize and consumer sentiment will recover as the high vaccination rates among the population continue. The move by the Government to allow certain non-essential businesses to resume operations from 16 August 2021 while adhering to the standard operating procedures ("SOPs") to curb the virus will give some breathing space to these businesses that have been badly affected and not allowed to operate since May 2021.

Hektar REIT remains cautious as daily infection rates continue to be high but view the introduction of vaccination for retail frontliners under the Retail Industry Vaccination Programme (RiVAC) as critical to the eventual full reopening of the industry. RiVAC is important for the safety of retail staff as well as safeguarding public health for those who have daily interactions with the public. The REIT will continue to monitor the situation while adhering to all SOPs and have implemented measures to ensure the business sustainability of the REIT as well as its tenants.

The outlook for Hektar REIT, as with the rest of the retail REITs, depends on the stabilization and recovery of consumer sentiment, which continues to be affected due to prolonged lockdowns along with other mobility restrictions. Retail Group Malaysia has also recently revised sales growth for the industry downwards to 4.0% for the whole year from 4.1% previously, which was also a downward revision from 4.9% released earlier in the year.

The Government should continue to find the right balance to accelerate the reopening of all economic sectors, which would kick-start economic recovery and enable employers to save and create more jobs whilst ensuring that the healthcare system is able to cope. It would also increase the confidence of businesses and consumers to boost the local economy, in line with the new Government's focus on achieving two main objectives, i.e. raising the purchasing power of citizens and to return the private sector to its role as the country's main driver of economic growth.

Hektar REIT remains committed to fulfill its obligation to ensure that all the business activities are performed to high standards of Environmental, Social and Governance (ESG). Various energy utilization and optimization initiatives since 2017 have been put in place for all of its shopping malls, resulting in a significant reduction in greenhouse gas emissions (recorded as CO2e) and energy usage over the last five years. From 2017 to June 2021, the CO2E avoided was 14.3 million kg, equivalent to saving 369,368 trees. Overall, the Building Energy Intensity ("BEI") for the portfolio is also on a declining trend. Hektar REIT is a constituent member of the FTSE4Good Bursa Malaysia Index and in its latest June 2021 evaluation, its ESG conduct has been recognized with a 3-star ESG rating by FTSE Russell.

Hakim Juraimi

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Shimao Services Announces 2021 Interim Results, Operating Revenue Surges 171% to RMB 4,234 million

HONG KONG, Aug 25, 2021 – (ACN Newswire) – Shimao Services Holdings Limited ("Shimao Services" or the "Company"; HKEX stock code: 873.HK), a leading comprehensive property management and community living services provider in China, has announced its 2021 interim results, reporting an operating revenue of RMB 4,234 million, a year-on-year increase of 171%. Profit attributable to equity shareholders of our Company was RMB578 million, a 136% surge year-on-year. The Company's GFA under management and various operating indicators also swelled markedly, accomplishing strong growth during the reporting period.

(From left to right): Mr. Liu Yu, Assistant President of Shimao Services; Mr. Cai Wen Wei, Assistant President, Chief Financial Officer and Executive Director of Shimao Services; Mr. Hui Sai Tan, Vice Chairman of the Board and President of Shimao Group, and Chairman of the Board of Shimao Services; Mr. Ye Mingjie, Executive Director and President of Shimao Services; Mr. Feng Bo, Vice President of Shimao Services

During the results announcement press conference, Mr. Hui Sai Tan, Vice Chairman of the Board and President of Shimao Group, and Chairman of the Board of Shimao Services, stressed that Shimao Group has always affirmed Shimao Services as an important solid wing of the Group's "big aircraft strategy". He remains optimistic toward the entire property service industry, and will continue to invest resources Shimao Services in the future with a variety of business opportunities. The recent announced nationwide policies would help regulate property enterprises to better serve cities, communities, and people. In response to the national policies in an active manner, Shimao Services will not only provide comprehensive property management, but also strives to provide community life services and expand university campus and city services. It is committed to upholding longstanding values and becoming China's leading provider of comprehensive city life services.

Contracted area expanded 91% to over 239 million sq. m.
In the first half year, the Company's GFA under management increased rapidly to 175 million sq. m., and contracted GFA soared by 91% year-on-year to 239 million sq. m. Of the contracted GFA, those from third-party market increased notably to 69%. In the first half of 2021, projects from the third-party bidding already exceeded the entire last year, with 26.11 million sq. m. added, up nearly 29 times as compared with the same period last year and 18% higher than the entire previous year. In the first half of 2021, Shimao Services expanded coverage to more types of properties via participating in greater varieties of tenders, as such enlarged its GFA under management and gained improved market expansion capabilities.

Shimao Services is one of the important wings of Shimao Group's "big aircraft" strategy. Shimao Group, a leading and fast-growing property developer, has brought sufficient reserve projects to Shimao Services. Among the projects from Shimao Group, up to 82.4% are in first- and second-tier cities in China with high-quality users and assets locked in, giving more room for the Company's value-added services to tap into. In fact, Shimao Group's projects target mid-range to high-end customer groups, meaning the Company can in turn secure return from higher property management fees, and also stimulate demand for more diversified and all-round value-added services, in other words, seizing higher margin business opportunities. Leveraging the synergies with Shimao Group's business layout, Shimao Service's projects located in the most economically developed and fastest-growing regions including Yangtze River Delta, the Greater Bay Area, Bohai Economic Rim, and Central and Western China.

Always putting users first and quality as the core, Shimao Services boasted customer satisfaction level at 91%, 12 percentage points higher than the industry average. The average monthly property management fee of third-party bidding projects also reached new high at RMB 2.2 per sq.m. The contract renewal rate was near 100% during the reporting period. All business indicators remained strong braced by the Company's stable and healthy operational foundation.

Strong synergies among four core business segments, cultivate city services business
In the first half of 2021, property management services achieved revenue of RMB 2,322 million, a 183.3% year-on-year increase, accounting for over 54.8% of the Company's revenue. Revenue of the community value-added services segment also increased significantly, by an impressive 233.9% year-on-year, to RMB1,393 million, accounting for 32.9% of the Company's revenue. In addition, city services have become the Company's new growth engine. In the first half of 2021, it generated revenue of RMB134 million, accounting for 3.2% of the Company's revenue, with an expected promising growth in the future. Value-added services to non-property owners realized revenue of RMB384 million, up by 17.3% year-on-year.

The contribution from value-added services to the Company's results has continued to increase and the service portfolio has become stronger. The Company has built a "1+N+X" product matrix for its new retail business and achieved rapid growth at the launch of marketing activities targeting first-tier cities. As for campus value-added services, Shimao Services realized all-round empowerment which has allowed it to break management boundaries and advance outside original districts. As a result, it obtained more large and good quality orders during the period. Regarding smart community solutions, the Company realized stable business expansion with reach extended from smart communities to covering multiple business scenarios. It also continued to forge more strategic partnerships to drive continuous growth in revenue.

Shimao Services is committed to developing city services into a new future growth driver. From strategic positioning and planning to detailed product system design and project implementation, the product system covers the upgrade, management and maintenance of city facilities, comprehensive urban governance, urban space resource operation, city smart platforms and urban renewal services.

Shimao Services, through mergers and acquisitions, has also built presence in the two key areas – Yangtze River Delta and the Greater Bay Area. Such moves have allowed it to develop core integrated strengths in city services and also extend the coverage of its city service products to the entire country. The number of expansion projects had increased from three in 2020 to nine just in the first half of 2021, with two projects already launched. Take Sucheng District in Suqian City as an example, the district, through formulating comprehensive strategic cooperation plan, has created benchmark projects, replicated them in multiple regions and implemented them in batches. It has executed projects such as urban common space management, government construction and residential projects, as well as won the bid for Jiudu Park, a landmark integrated common space management project in the city. It is set to take over more urban spaces and expand correspondingly the urban space service business in the future.

Improve third-party bidding capability comprehensively, actively apply renewal strategies on mergers and acquisitions
During the period under review, Shimao Services accelerated expanding and improving the quality of third-party bidding, and in turn saw its all-round capabilities much enhanced. More property varieties were covered. Quality and well-known projects served as showcases of strong exemplary effect. During the period, the Company developed residential projects quickly and secured more high-quality projects such as Wenzhou Grand Mansion and Jiangnan Mingyue Mansion in Shaoxing. As for clients in the higher education sector, having proved that it has taken its development capabilities to a new level, the Company secured more bigger and well-known projects, such as the Beijing University of Posts and Telecommunications, Tianjin University and Minzu University of China (Fengtai campus). As for other non-residential projects, it covered more property types, such as benchmark projects a water treatment plant in Liede, Guangzhou and Line 2 of the Chengdu Metro.

It is benefited by the Company which built standardized capabilities applying formative thinking. It also established four major systems. First, an end-to-end product system to iterate original categories and devise a new product spectrum. Secondly, an expanded network beyond central cities to build a project details database and for connecting with important cooperative channels. Thirdly, a formidable sales team set up through its "100 Leaders Scheme" to assure its sales capabilities, and the last, a full-cycle digital-technology-supported tracking and deployment system that covers from collecting information to when a contract is signed.

Regarding mergers and acquisitions, Shimao Services embraces M&A "integration" system, and it is the only in the industry that engages post-investment management right at the initial stage, conducting business due diligence and preparing integration plans in advance. During the period under review, in addition to strengthening that system from precise pre-investment evaluation to integrated post-investment management, it also actively implemented renewal strategies, including upgrading organizational capabilities and management mechanisms, to ensure it matches the Company's overall strategy, optimizing management structure and strengthening business units based on the characteristics of the business. Moreover, to enhance professional capabilities of specific segments, efforts were made including strengthening the market dominance of its original businesses, and horizontally expanding into similar fields, like Zheda Sinew expanding from campus to industrial parks. In addition, reinforcing the synergistic project expansion mechanism to give full play to the strengths of the companies acquired in niche markets, with the headquarters coordinating taking advantage of their niche edges to realize expansion of specific businesses.

For example, Shimao Services completed the acquisition of Shenzhen Shenxiong Environmental Co., Ltd. and Yefeng Property in April and May 2021, respectively, and its three-month panorama plan is progressing smoothly. Shimao Services has built an industry benchmark for integration and upgrading capacity. Since July 2019, Shimao Services has been cooperating with enterprises, which has significantly empowered efficiency and generate remarkable performance improvement. Hence, the more integrated the companies are into Shimao Services' operation and management system, the more obvious would be the improvement in their results.

Property management industry looking at the blue ocean, pushing forward with developing five key capabilities extensively
Although the property management industry has a 40-year-old history and its important role will continue in the future, it is very much still in the initial development stage with the blue ocean just opening for it to tap. Demand of the country and regions for refined social and urban governance has kept growing and property owners also have become more and more discerning when it comes to safeguarding and maximizing the value of their property assets throughout their lifecycle. Thus, the physical boundary and business scope of the property management industry has continued to expand, while the originally fragmented and disorganized supply side of the industry has gradually transformed managing higher quality development. With competition barriers rising gradually, resources and markets are leaning towards leading enterprises.

The strategy of Shimao Services is to uphold its longstanding values and realize sustainable and quality growth. Hence, Shimao Services is committed to building five key capabilities, including stepping up development of central cities, building product system based on user demand, integrating cost management along the supply chain, enhancing delicacy management and advancing innovative development of its talent system, all to the end of promoting the Company's continuous growth.

Regarding operational capacity, determined to become an industry leader in adopting delicacy operation and management, the Company continued to iterate and update its internal marketization strategy. Shimao Services boasts the most outstanding operational capacity in the industry and is shrewd at integrating cost management capability along the supply chain. It has also optimized the cost and enhanced the efficiency of the supply chain of "security, cleaning and gardening" businesses through lean management and technology empowerment.

Implement five major strategies, strive to become the industry leading player by 2023
Before the results announcement teleconference and webcast closed, the management elaborated on the Company's future medium-to-long-term strategic goals. In the next three years, the Company will continue to build its four business segments, namely integrated property services, diversified value-added services, smart city services and digital technology business, as well as promote development of the 5+5+N business units.

Shimao Services' five major strategies include "horizontal integration", which aims to promote business development through mergers and acquisitions and scalable growth, and strive to promote "related diversification strategies" to achieve organic growth. It will continue to focus on improving its "vertical integration strategy" including developing key business areas aiming for sophistication and specialization, enhancing "centralized strategy" to improve project density, as well as implementing "updated strategy" to achieve agility as an organization, and also iteration and upgrade.

Looking ahead, Shimao Services will push to expand business scale through "internal growth and external expansion", as well as to enhance quality and efficiency. To develop professional capabilities, it will establish presence in high potential businesses with users and assets as its service focus as always. Its goal is to become a leading comprehensive city life services provider in China and a leading player in the property management industry by 2023.

About Shimao Services Holdings Limited (Stock code: 873)
Established in 2005, Shimao Services is China's leading provider of integrated property management and community life services. It is also one of the important wings of Shimao Group's "big aircraft" strategy. Shimao Services takes the "Smart Maker of Good Life" as its brand concept and implements the "iBlue Strategy", focusing on the four core high-energy city clusters in the Yangtze River Delta Region, Central and Western China, Southern China and Bohai Economic Rim. As of December 2020, the company had more than 530 properties under management, 210 million square meters of contract area, covering residential, schools, government and public facilities, health care centers and hospitals, VIP lounges in waiting rooms, etc, and provided comprehensive property management, community life services and non-owner value-added services for nearly 2.4 million owners and users.

For more information, please visit Shimao Services' website: https://www.shimaofuwu.com/

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

KWIH Announces 2021 Interim Results, Total Attributable Contracted Sales to be Recognised Reaches HK$17.4 Billion

HONG KONG, Aug 24, 2021 – (ACN Newswire) – K. Wah International Holdings Limited ("KWIH" or "the Group") (stock code: 00173) today announced its unaudited interim results for the six months ended 30 June 2021.

KWIH, with a robust yet flexible approach, timely launched premium projects during the period under review and achieved satisfactory sales results. For the six months ended 30 June 2021, the Group's attributable contracted sales amounted to approximately HK$9.6 billion. As at the end of June 2021, total attributable contracted sales yet to be recognised amounted to approximately HK$17.4 billion, which are expected to be accounted for in the second half of 2021 and 2022, underpinning the Group's future profitability. The Group's total attributable revenue during the period under review amounted to approximately HK$3.2 billion, mainly from the property sales of Solaria in Hong Kong, The Palace III and Windermere in Shanghai, J City in Jiangmen and two joint venture projects in Jiaxing and Kunshan, etc. Profit attributable to equity holders amounted to approximately HK$780 million. Underlying profit dropped year-on-year to approximately HK$490 million as fewer contracted sales were recognised during the period compared to the same period last year. Having considered the amount of contracted sales yet to be recognised and the development progress of various projects, the Board of Directors remains confident in maintaining the Group's long-term business growth and had declared an interim dividend of 7 HK cents, thus continuing to bring stable returns to shareholders.

Dr Lui Che-woo, Chairman of KWIH, said, "Global economy is on track of gradual recovery following the roll-out of the COVID-19 vaccination programmes in various countries in the first half of 2021. Hong Kong's economy has also improved. Leveraging our commitment to delivering exquisite quality projects, KWIH adopted a robust and precise strategy to launch its premium projects in Hong Kong and Mainland China during the period under review and achieved satisfactory sales results."

Satisfactory sales results In Hong Kong, K. Summit in Kai Tak reported a satisfactory sales performance during the period under review, with over 300 units sold. As of the end of June 2021, more than 960 units, which accounted for over 95% of the total, were sold with a total contracted sales of approximately HK$10.9 billion. The occupation permit of K. Summit was obtained in May and the Group has filed the application for the certificate of compliance. The delivery of pre-sold units of K. Summit will commence upon obtaining the certificate of compliance. As at the end of June 2021, over 1,000 units of Solaria in Pak Shek Kok, Tai Po, were sold, accounting for more than 93% of the total. In addition, Phases 1 and 3 of Grand Victoria, the harbourfront project in South West Kowloon, had been launched for sale since March.

In the Yangtze River Delta region, Azure in Pudong New District, Shanghai, was launched to the market in May this year and received an enthusiastic response from buyers. All units were taken up on the day of its debut, with a total sales amount of approximately RMB2.4 billion. In the Pearl River Delta region, six residential towers with 560 units of Bayview in Dongguan had been launched since November 2020. As at the end of June this year, approximately 450 units were sold, accounting for 80% of the units launched. In addition, execution of contracts for approximately 10% of the launched units already subscribed is in progress. The sales performance had been satisfactory. Sales of Cosmopolis, Phase 1 of Cosmo in Huadu District, Guangzhou, and Ziwei Gongguan, a joint venture project in Jiangmen, were soft-launched in the period. Additional units will be launched subject to market conditions.

Projects to be launched
Hong Kong: Grampian Road project in Kowloon, Phase 2 of Grand Victoria in South West Kowloon, Tuen Ma Line Kam Sheung Road Station Project in Yuen Long, LOHAS Park Package 11 Project in Tseung Kwan O and Kai Tak Area 4A Site 1 Project
The Grampian Road project located in a traditionally prestigious residential area of Kowloon offers five premium house units of over 4,000 sq. ft. each. The project is expected to be launched soon as completed properties. In early August this year, the first batch of units of Phase 2 of Grand Victoria in South West Kowloon was launched for tender. In addition, several joint ventures projects are expected to be marketed between late 2021 and early 2022. They are Kam Sheung Road Station Project on Tuen Ma Line in Yuen Long, LOHAS Park Package 11 Project in Tseung Kwan O and Kai Tak Area 4A Site 1 Project.

Mainland China: VETTA in Suzhou, Jiangning District project in Nanjing and Weifang Village Street project, Pudong New District in Shanghai
In the Yangtze River Delta, VETTA in Xiangcheng District, Suzhou, launched its first batch of units for sale in July this year, achieving satisfactory sales. Construction of the projects at Site G89 in Jiangning District, Nanjing and Weifang Village Street in the Pudong New District, Shanghai is making good progress. Both projects are expected to be completed between late 2021 and early 2022, with planning for market launch underway.

The Group will closely monitor market changes and continue to put the remaining units of the launched projects to the market, including K. Summit and Solaria in Hong Kong, Windermere in Shanghai, Cosmo in Guangzhou, Bayview in Dongguan, J City in Jiangmen, etc. The Group's projects are being developed as scheduled and the Group will continue to launch its projects in a timely manner.

Landbank replenishment in prudent yet proactive manner
With its solid financial position, KWIH has been adopting flexible strategies such as by sole ownership and via joint venture to acquire premium land parcels in Hong Kong and Mainland China. In April this year, the Group participated in a commercial and residential project on Siping Road, Hongkou District in Shanghai via a joint venture. The project has a total GFA of approximately 47,000 sq. m. and is adjacent to a metro station. It is expected to be launched for sale between late 2021 and early 2022.

Currently, the Group has a landbank of a total attributable GFA of approximately 1.75 million sq. m. in Hong Kong and Mainland China for development. The Group will continue to proactively seek for new investment opportunities for future development to sustain its growth while appropriately managing land costs.

Diversified property portfolio for investment
KWIH has a diversified portfolio of properties for investment, including Grade-A office towers, hotel and serviced apartments, and speciality retail. As at this June end, attributable GFA of the Group's portfolio of properties for investment amounted to approximately 270,000 sq. m. During the period under review, rental income (including hotel income) was approximately HK$360 million, up by 22% year-on-year and exceeding the pre-pandemic level.

As for office premises, the occupancy rate at Shanghai K. Wah Centre was over 95% during the period. The response to the leasing of EDGE in Jiangan District, Shanghai newly launched to the market had been positive. After the Group signed the lease with a world-renowned biopharmaceutical company in March this year, the property with a GFA of approximately 21,000 sq. m. had been fully leased. It has been generating rental income. In addition, the urban renewal project at Wuyi Road in Shanghai is expected to be put up for leasing following its completion in 2022. The occupancy rate of J SENSES, the speciality retail and dining complex in Hong Kong, reached 100% as of this June end. As for the hotel and serviced apartments operations, Stanford Residences Jing An and Stanford Residences Xu Hui maintained a high occupancy rate of 90% on average. The occupancy rate of Crowne Plaza Guangzhou Huadu also recorded moderate growth during the period under review.

Sound financial position supports steady business development
During the period under review, KWIH maintained a healthy financial position. As of 30 June 2021, the Group's net gearing ratio dropped to 33%. Cash and bank deposits amounted to approximately HK$6 billion and undrawn bank loans amounted to approximately HK$13.6 billion. The Group has sufficient funds to capture investment opportunities, providing solid momentum for future business development.

Dr Lui concluded, "Looking ahead to the second half of this year, the domestic and international situation will remain complex. The path to economic recovery and the business environment will continue to be challenging. KWIH however remains cautiously optimistic about the long-term development of the local and Mainland property markets. The Group will take great care in continuously developing its business and to grasp any development opportunities enabling the Group's vision of long-term and stable growth. I hope the social distancing measures will be further relaxed soon upon a higher vaccination rate in Hong Kong so that local economy will be stimulated and cross-border activities will be resumed, and all sectors of the community can return to normal."

About K. Wah International Holdings Limited (stock code: 00173)
K. Wah International Holdings Limited ("KWIH"), listed in Hong Kong in 1987, is the property flagship of K. Wah Group. An integrated property developer and investor with a foothold in Hong Kong, the Yangtze River Delta and Pearl River Delta regions, KWIH engages in property development business covering large-scale residential communities and comprehensive development projects such as premium residential developments, Grade-A office towers, hotel and serviced apartments, retail premises and offering property management service. Cresleigh Property, the property management arm of KWIH, delivers exceptional hotel serviced property management services guided by advanced and international standards in general to premium residential buildings, commercial facilities, office towers and real estate complexes. Driven by a keen market sense and a versatile strategy, and backed by strong financial capability, KWIH has built up a prime land reserve in major cities of China, and thus a strong foothold for future growth.

KWIH is a constituent stock of the Hang Seng Composite MidCap Index, Hang Seng Corporate Sustainability Benchmark Index, MSCI Hong Kong Small Cap Index and Hang Seng Stock Connect Greater Bay Area Composite Index as well as an eligible stock under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect programmes. KWIH held a 3.73% stake in Galaxy Entertainment Group Limited (stock code: 00027) as of 30 June 2021.

Website: http://www.kwih.com

Media Enquiries:

K. Wah International Holdings Limited
Helen Cheung Tel: (852) 2960 3739 Email: helencheung@kwah.com
Keith Hon Tel: (852) 2960 3314 Email: keithhon@kwah.com
Andrea Chan Tel: (852) 2960 3359 Email: andreachan@kwah.com
Fax: (852) 2811 9710

Strategic Financial Relations Limited
Iris Lee Tel: (852) 2864 4829 Email: iris.lee@sprg.com.hk
Maggie Au Tel: (852) 2864 4815 Email: maggie.au@sprg.com.hk
Vivienne Leung Tel: (852) 2864 4862 Email: vivienne.leung@sprg.com.hk
Fax: (852) 2527 1196

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

DaFa Properties Announces 2021 Interim Results

HONG KONG, Aug 24, 2021 – (ACN Newswire) – The board (the "Board") of directors (the "Directors") of DaFa Properties Group Limited ("DaFa Properties" or the "Company", together with its subsidiaries, the "Group"; Stock Code: 6111.HK) is pleased to announce the unaudited interim results of the Group for the six months ended 30 June 2021 (the "Reporting Period").

DaFa Properties 2021 Interim Results Highlights
(For the six months ended 30 June 2021)
— Contracted sales were approx. RMB 25.81 billion, representing a significant YoY increase of approx. 130%;
— The contracted GFA was approx. 1.59 million sq.m., representing a YoY increase of approx. 99%;
— Revenue was approx. RMB5.25 billion, representing a YoY increase of approx. 51%;
— Profit for the year was approx. RMB443.97 million, representing a YoY increase of approx. 154%;
— Total assets were approx. RMB39.55 billion, representing an increase of approx. 13% as compared to 31 December 2020;
— Net gearing ratio was approx. 56%;
— Total cash to short-term debt ratio was approx. 1.4 times;
— Liabilities to assets ratio (excluding receipts in advance) was approx. 69%;
— Declares an interim dividend of RMB4.8 cents per share for the six months ended 30 June 2021

In the Reporting Period, DaFa Properties achieved sustainable growth, performed excellently in multiple dimensions including contracted sales, land reserves, financial indicators, and its capital structure, indicating increased speed and efficiency to maintain good momentum. In the face of COVID-19, the Group continues to adhere to the "1+1+X" strategic guidance, actively deploy products and marketing, and delivering growth in both sales and profitability. The contracted sales of the Group were mainly generated from Yangtze River Delta Region and Chengyu Region where the Group has been intensively penetrating. During the Reporting Period, the Group recorded accumulated contracted sales of approx. RMB25.81 billion, increased by approx. 130% YoY; the accumulated contracted GFA grew by approx. 99% YoY to approx. 1.59 million sq.m. and the contracted average selling price increased by approx. 16% YoY to approx. RMB16,229 per sq.m..

Deep Penetration of the Yangtze River Delta Region, Positioned its Presence in the Golden Metropolitan Clusters Nationwide
During the Reporting Period, the Group adhered to the "1+1+X" strategic guidance, comprehensively deepen the development of golden metropolitan clusters nationwide such as the Yangtze River Delta Region and the Chengyu Region. At the same time, the Group enriched land reserves with a strategic land acquisition strategy and projects across different cities including Wenzhou, Ningbo, Hefei, Chengdu, Changzhou and Wuhu. Currently, the Group has 86 projects under development and completed projects, 71 of which are located in the Yangtze River Delta Region. First-and second-tier cities accounted for approx. 80% of the total saleable resources of the Group, reflecting our high quality and potential land reserves. DaFa Properties actively penetrated the presence with reasonable and attractive land costs to ensure the sustainable development of the Group's land reserves. The Group acquired seven new land parcels with a total GFA of approx. 1.14 million sq.m..

Outstanding Profitability with a Stable and Healthy Assets Scale
Benefited from stable and healthy sales growth, the profitability of DaFa Properties has been further enhanced. During the Reporting Period, DaFa Properties recorded revenue of approx. RMB5.25 billion, representing a YoY increase of approx. 51%. Gross profit was approx. RMB1.05 billion, representing a YoY increase of approx. 51%; Gross profit margin was approx. 20.1%; Profit for the period was approx. RMB443.97 million, representing a YoY increase of approx. 154%;The Group's assets scale has further increased, with total assets increased by approx. 13% to approx. RMB39.55 billion compared to 31 December 2020. Total equity increased by approx. 12% to approx. RMB9.87 billion compared to 31 December 2020.

Healthy Financial Performance, Adhering to "Green-tier Operation"
DaFa Properties has always strictly controlled its financial indicators while maintaining steady growth. The Group continuously managed its financial leverage and optimized its capital structure, adhering to "green-tier operation". As at 30 June 2021, the Group's net gearing ratio has further decreased to approx. 56%; the liabilities to assets ratio after excluding receipts in advance was approx. 69%; the total cash to current borrowings ratio remained at a sounded level of approx. 1.4 times.

Building Diversified Financing Channels Actively
During the Reporting Period, DaFa Properties actively expanded diversified financing channels while maintaining a good relationship with numerous banks and financial institutions. During the Reporting Period, the Group received new integrated credits by Ping An Bank and Agricultural Bank, exploiting abundant and stable sources of funds for long-term development. On 23 August 2021, DaFa received offshore commercial bank loans for the first time. The Group was granted a US$30 million term loan facility from the Hang Seng Bank, fully demonstrating the recognition and confidence from the capital market to the Group.

Mr. GE Yiyang, Chairman of DaFa Properties said: "Looking ahead to the second half of 2021, 'Houses are for living but not for speculation' is still the main theme; the central and local governments have intensively introduced austerity policies to stabilise market expectations. However, with the continuous promotion of new urbanization with people as the core, the demand in the real estate market remains strong. In the face of the growth trend of ongoing upgrade, the Group will continue to adhere to the '1+1+X' strategic guidance, actively deploy products, marketing and investment, and comprehensively deepen the development of golden metropolitan clusters nationwide, such as the Yangtze River Delta Region and the Chengyu Region. At the same time, the Group will enrich land reserves with strategic land acquisition strategy and actively expand the diversified domestic and overseas financing channels, while continuously optimising the financial structure, reducing the financing costs, strictly managing the financial risks in adherence to 'green-tier operation'. The year 2021 marks the 25th anniversary of the establishment of DaFa Properties, and the Group will also usher in the third anniversary of listing in the second half of the year. While strengthening the concept of shareholder value management, we will integrate shareholder value throughout the whole cycle of investment, operation, budget and incentives, with a view to enhancing the overall competitiveness of the Group and ensuring its healthy and stable development."

About DaFa Properties Group Limited
DaFa Properties Group Limited (DaFa Properties), incorporated in 1996 and headquartered in Shanghai, is a real estate developer specializing in developing and selling residential properties mainly in the Yangtze River Delta Region and Chengdu-Chongqing Metropolitan Area. The Group has vigorously practiced the brand positioning of "Design for Life" and upheld the business philosophy of "Integrity, Innovation, Pursuing Excellence" for years, provided customers with quality properties and created specific living scenarios through high-quality real estate properties. As of 30 June 2021, the Group, together with its joint ventures and associates, had 86 projects under construction and completed in total, of which 71 are based in the Yangtze River Delta Region. As a "pleasant living service provider", DaFa Properties has built its sound reputation, thanks to its 25 years of extensive industry experience, outstanding product quality, and product portfolios. It will continue to unremittingly dedicate itself to build better city life, improve living quality, and raise residential experience standards.

For more information:
Investor Relations Department of DaFa Properties Group Limited
Alice WANG
Tel.: (852) 3976 8600
Email: ir@dafaland.com

Citigate Dewe Rogerson
Linda PUI
Tel: (852)3103 0118 / 9700 0178
Email: dafa@citigatedewerogerson.com

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Redsun Services is given “Buy” Rating by CEB International

HONG KONG, Aug 24, 2021 – (ACN Newswire) – Redsun Services Group Limited ("Redsun Services" or the "Group") (stock code: 1971.HK), a fast growing comprehensive community services provider focusing on the Yangtze River Delta, is given "Buy" rating by CEB International with a target price of HK$6.0.

CEB International considers that the net profit of Redsun Services raised by 60.4% year-on-year to RMB 37.4 million in the first half of 2021, which is in line with their expectation. The main reasons include: 1) the increase of GFA under management; and 2) community value-added services grew strongly.

By the end of June this year, the total GFA under management of the group had reached 34.36 million sq.m., an increase of 83.5% year-on-year. Among them, third-party contribution of GFA under management accounted for 60%, an increase of 22.2 percentage points year-on-year.

By business segment, the revenue from property management services was RMB350 million, an increase of 55.2% year-on-year; revenue from value-added services to non-property owners was RMB84.8 million, an increase of 22.9% year-on-year; and revenue from community value-added services surged 230% year-on-year to RMB93.8 million. The strong growth of community value-added services was mainly due to the Group's promotion of full-cycle and diversified services. Among them, the revenue from common area value-added services increased by 382%, revenue from property decoration service increased by 538% and the revenue from community convenience service increased by 181% year-on-year.

In addition, the gross profit margin of the Group widened 2.6ppt to 28.9% thanks to the increased revenue proportion from community value-added service with higher gross profit margin, and the scale efficiency, which slightly increased the gross profit margin of property management services by 0.2 percentage points.

About Redsun Services Group Limited
Established in Nanjing in 2003, Redsun Services Group Limited is a fast-growing comprehensive community service provider focusing on the Yangtze River Delta. With a vision of "making lives warmer," the Group has provided and endeavors to continue to "provide customers with high-quality services with sincerity" to better serve its customers. The Group has established the regional leading position in the property management market of Jiangsu province and is well-recognised nationwide. The Group was recognized as one of the Top 100 Property Management Companies by CIA for four consecutive years since 2017 and ranked 19th among the 2021 Top 100 Property Management Companies in terms of overall strength. In December 2020, the Group was included by FTSE Russell in the FTSE Global Micro-Cap Index. In 2021, the Group was selected as a constituent of the Hang Seng Property Service and Management Index.

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Sansheng Holdings’ Profit Attributable to Equity Shareholders Soars by Nearly Threefold to Approximately RMB625.9 million in 1H 2021

HONG KONG, Aug 23, 2021 – (ACN Newswire) – Sansheng Holdings (Group) Co. Ltd. (stock code: 2183.HK), which is principally engaged in property development and property investment, has announced its unaudited interim results for the six months ended 30 June 2021.

During the Period, the overall operation of Sansheng Holdings was satisfactory and its financial position remained stable and healthy. Revenue increased by 198.9% year-on-year to approximately RMB5,131.8 million. Profit attributable to equity shareholders soared by 293.1% year-on-year to approximately RMB625.9 million. Basic earnings per share were RMB1.28 (1H2020 (restated): RMB0.32), a sharp threefold year-on-year increase. Moreover, substantial contracted but unrecognized sales of approximately RMB31,161.9 million were achieved as of 30 June 2021, providing a solid base for the Group's future growth in recognized revenue.

Mr. Lin Rongbin, Executive Director and Chairman of Sansheng Holdings, said, "Sansheng Holdings has smoothly implemented its strategic plan during the review period. We have proactively selected property development projects from cities with a robust economy and avoided projects from areas where stringent real estate policies such as restrictions on purchases and prices are in effect. What's more, we have actively participated in various land bids, which have contributed to our land bank and laid a strong foundation for the property development business going forward."

Currently, the "Western Straits Economic Zone", the "Yangtze River Delta Economic Zone" and the "Bohai Economic Rim" are key regions where the Group has been able to derive business contributions. In recent years, expansion into the "Guangdong-Hong Kong-Macau Greater Bay Area" and "Yangtze River Economic Belt" markets has also become new highlights of the Group. The Group has been improving its business scale and operating results, and progress in the areas of overall business strategic layout and optimization have been achieved.

Significant increase in revenue from sales of properties and prudent expansion of land bank
Sansheng Holdings' revenue from the sale of properties totaled approximately RMB4,965.7 million during the Period (1H2020 (restated): approximately RMB1,659.5 million), and was mainly attributed to the delivery of properties located in Fuzhou, Nantong and Qingdao. The significant revenue increase was also principally due to more properties delivered during the period as compared with the first half of 2020.

As at 30 June 2021, the Group has a total of 56 property projects that are held for sale, under development, or held or secured for future development. Total site area of its land bank was approximately 3,602,663 sq.m. and planned total GFA was approximately 10,626,522 sq.m., of which 7,408,536 sq.m. were attributable to the Group based on its equity interests.

In the first half of 2021, the Group acquired or secured to acquire interest in a total of four new land parcels. The total planned GFA of the new land acquisitions amounted to approximately 850,955 sq.m., of which 545,125 sq.m. were attributable to the Group based on its equity interests.

Growth in rental income from investment properties
Sansheng Holdings' portfolio of investment properties comprises nine investment properties in Hong Kong and Mainland China. During the period, rental income from the Group's investment properties reached approximately RMB49.80 million (1H 2020 (restated): approximately RMB37.20 million), and was mainly derived from commercial investment properties in Yangzhou, Fuzhou, Harbin, Qingdao and Chengdu. The increase was largely attributable to greater rental income as the effects of the COVID-19 pandemic were brought under control.

Sound financial position
As of 30 June 2021, the Group's total assets reached RMB60.09 billion, with stable cash flow. Its cash and cash equivalents amounted to approximately RMB8.10 billion. In addition to sufficient cash flow, the Group had unutilized credit facilities amounting to approximately RMB6.33 billion.

Looking to the future, Mr. Lin Rongbin concluded, "We at Sansheng Holdings will maintain sensitive to the market dynamics of the real estate industry and deftly respond to volatile macro policies. While adhering to an established strategic direction, we will actively and effectively make tactical adjustments and local optimizations to achieve moderate business scale while constantly striving for greater efficiency. In the face of uncertain market conditions in the future, the Group will adhere to a proper development path. We will proceed with making investments in established regions, cultivate the potential of newly expanded regions, continuously optimize our own system to realize 'management-driven bonus', improve performance and create better returns for our investors based on a 'long-term perspective'."

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Redsun Services is given “Buy” and “Outperform” Rating by CMB International and CCB International

HONG KONG, Aug 23, 2021 – (ACN Newswire) – Redsun Services Group Limited ("Redsun Services" or the "Group") (stock code: 1971.HK), a fast growing comprehensive community services provider focusing on the Yangtze River Delta, is given "Buy" and "Outperform" rating by CMB International and CCB International with a target price of HK$9.37 and HK$6.60 respectively, given its strong first-half results in 2021 ("1H21").

CMB International mentioned that third-party contribution of GFA under management has elevated to 60% in 1H21 (37% in 1H20) and covers a wider array including industrial parks, hospitals and schools. It is expected to reach 70% third-party contribution by 2023. On another note, the Group's M&A growth accelerated as it acquires 80% equity in both Wuhan Huideheng and Gaoli Property Management with expected annual revenue, reaching RMB129 million in 2021. In addition, community value-added services rose 230% in the first half of 2021 which drove revenue growth and margins expansion. CMB International considers Redsun Services' valuation attractive.

CCB International considers Redsun Services' stock deeply undervalued given its 71.2% growth in adjusted net profit in the 2021 interim results. Gross profit margin widened 2.6ppt to 28.9% thanks to effective cost control, technology advancements, business mix enhancements, and an increase in unit property management fees. The Group has a more balanced business development. It is also ramping up its community value-added services by covering full-cycle living services.

About Redsun Services Group Limited
Established in Nanjing in 2003, Redsun Services Group Limited is a fast-growing comprehensive community service provider focusing on the Yangtze River Delta. With a vision of "making lives warme", the Group has provided and endeavors to continue to "provide customers with high-quality services with sincerity" to better serve its customers. The Group has established the regional leading position in the property management market of Jiangsu province and is well-recognised nationwide. The Group was recognized as one of the Top 100 Property Management Companies by CIA for four consecutive years since 2017 and ranked 19th among the 2021 Top 100 Property Management Companies in terms of overall strength. In December 2020, the Group was included by FTSE Russell in the FTSE Global Micro-Cap Index. In 2021, the Group was selected as a constituent of the Hang Seng Property Service and Management Index.

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com