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.

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/




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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


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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

HONG KONG, Aug 20, 2021 – (ACN Newswire) – An established property developer in the PRC focusing on developing quality residential properties in the Yangtze River Delta Megalopolis for customers of all ages, Yincheng International Holding Co., Ltd. ("Yincheng International Holding" or the "Company", together with its subsidiaries, the "Group", Stock code: 1902) is pleased to announce its unaudited consolidated interim results for the six months ended 30 June 2021 (the "Period").

During the Period, the Group achieved contracted sales amount of approximately RMB 16.5 billion, representing an increase of 170% YoY. Revenue of approximately RMB 3.79 billion. The gross profit was approximately RMB 689.3 million with gross profit margin increased by 2.5 percentage points YoY to 18.2%. The profit for the period was approximately RMB 298.1 million, and the net profit margin increased by approximately 1.3 percentage points YoY to 7.9%.

Ample Land Reserve Resources Enable Precise Key Market Deployment

Yincheng International Holding consistently adhered to the development strategy of "based in Nanjing, cultivate the Yangtze River Delta Megalopolis". During the period, the Group has acquired a total of 12 high-quality land parcels with GFA of over 2.4 million sq.m., which are mainly located in the core cities of the Yangtze River Delta Megalopolis such as Nanjing, Wuxi and Hangzhou, marking its further development in the five regional markets and commitment to its existing strategies. The Group's first foray into Huai'an at the beginning of the year acquired high-quality land parcels with a total GFA of nearly 130,000 sq.m., achieving more balanced business presence in the Yangtze River Delta Megalopolis. Leveraging on the Group's efficient development and operation capabilities, some of the projects will be launched within this year, contributing to the contracted sales for the year.

Under "Dual-concentrations" policy, it continues to benefit the expansion of Yincheng International Holdings in such region as a leading enterprise in such region. At the same time, the Group made an early layout, appropriately adjusted its investment and expansion strategy, proactively acquired high-quality land parcels with suitable location which meet the investment criteria in the centralised land supply, in order to prepare for the next development. As at 30 June 2021, the Group had a land bank with an aggregate estimated GFA of over 7.57 million sq.m., out of which the land bank with interests attributable to the Group amounted to approximately 5.22 million sq.m.. As at 30 June 2021, the Group had 58 projects located in 10 cities in the PRC, of which 37 projects were developed and owned by the Group and the remaining 21 projects were developed and owned by the Group's joint ventures and associates.

Adjusted Project Launch Schedule in a Timely Manner to Achieve Rapid Growth in Business

With the positive results of the epidemic prevention and control measures since 2021, the real estate market has been gradually recovering and has shown a stable growth trend. In response to the recovery of the market, Yincheng International Holding adjusted its project launch schedule in a timely manner and promoted its business through both online and offline channels. The Group has developed the ability of its sales staff to analyse project strengths, discover project highlights and expand customer base. In response to the trend of information transparency in the Internet era, the Group has been using various methods of digital marketing such as online mini-programs, social software and short-video live streaming platforms to achieve rapid growth in contract sales. During the six months ended 30 June 2021, the Group recorded total contracted sales of approximately RMB16,535.5 million, representing a significant increase of approximately 170.1% YoY. The total contracted sales GFA amounted to approximately 811,589 sq. m. with a contracted ASP of approximately RMB20,374 per sq.m., representing an increase of approximately 141.3% and 11.9% YoY, respectively. While Yincheng International Holding continues to cultivate the five regional markets, it has also increased its sales efforts in the first tier cities. The projects in Nanjing and Hangzhou contributed a total contracted sales of over RMB11.5 billion, accounting for approximately 70% of the total contracted sales. Among them, the projects Jin Ling Jiu Yuan and Yunwangfu in Nanjing, Guan Hu Zhi Chen and Qingshanhupan in Hangzhou continued to have good sales performance, with the four projects contributing in aggregate approximately 59% of the total contracted sales.

Obtained High Recognition from the Capital Market by Stable Comprehensive Strength and Excellent Projects

Yincheng International Holding maintains diversified financing channels and continues to strengthen and enhance both of our domestic financing strength and overseas financing capability to reduce financing risks. Relying on the stable business growth, excellent financial performance and results of operations, the Group has gained recognition from the capital market. On the second anniversary of its listing, the Group successfully issued US$165 million one-year senior notes in March 2021, marking the third successful issuance of US$ debt financing instrument. While the cost of such issuance continues to decline, the subscriber base has become more diversified, which fully reflected market's recognition of the Company's comprehensive strength and financial position. With the solid corporate strength and stable and substantial investment returns on US$ denominated senior notes, the Group was listed by BNP Paribas as one of the five recommended investment targets for US$ denominated bonds in the real estate sector and the shares of the Company were also given "buy" ratings among B-rated real estate companies, which fully demonstrated the affirmation of the capital market to the Group's future development prospects.

The Group pursued placing equal emphasis on both quality and service and received various awards during the period, including "2021 Top 100 Listed Real Estate Enterprise in China" and "2021 Outstanding Human Resources Management Award". In addition, a number of projects of the Group, including Peaceful Paradise and KINMA Q + Community, were granted various rewards in the selection of the "2020 Provincial Urban and Rural Construction System Outstanding Survey and Design Award" as announced by Housing and Urban-Rural Development Office of Jiangsu Province, which reflected excellent design quality and engineering capabilities of the Group, as well as its determination to develop quality residential properties for customers of all ages.

Strive to Achieve All of the "Three Red Lines" and Insist on Optimising Financial Indicators

Mr. Huang Qingping, the Chairman of Yincheng International, said "In 2021, under the complex economic environment and increasingly stringent regulatory requirements, our group member collectively endeavour to enhance our strengths as a regional real estate enterprise and maintain a rapid and steady growth. In the first half of the year, our sales achieved robust growth while the contracted amount and payment collection marked a record high. In addition, we continued to cultivate the deployment of the new first-tier cities such as Nanjing and Hangzhou, thus acquired profitable core land parcel. At the same time we expanded into Huai'an, achieved a breakthrough in cultivation and coverage, to further consolidated our leading position in the Yangtze River Delta Megalopolis. Following the promulgation of the 'three red lines' policy, the introduction of the 'dual-concentrations' policy further encouraged the plan to stabilise land prices, housing prices and market expectations'. Looking forward, we will continue to reduce and control leverage levels, reduce financing costs and optimise the debt structure, in order to gradually meet the control requirements under the 'three red lines' policy. We will actively adjust our development under the 'dual-concentrations' policy, maintain our existing land acquisition strategy to acquire high-quality land through the use of both pre-investment analysis and post-investment control, and making use of our diversified land acquisition experience to continuously improve project profitability. At the same time, we will focus on the rate of project realisation and improve the collection of receivables, gradually slow down the pace of land acquisition after achieving stable growth in scale to improve cashflow turnover. Furthermore, our Group is determined to enhance capabilities in all aspects according to our long-term development strategies, and shall continue to strive with the goal of becoming a leading real estate enterprise and generating more fruitful returns for our Shareholders."

Today, Yincheng International held the 2021 interim results presentation online. Total of 115 fund managers, equity analysts and reporters participated in the event. The management gave the introduction of annual results and answered the participants' questions.

About Yincheng International Holding Co., Ltd.
As an established property developer in the PRC focusing on developing quality residential properties in the Yangtze River Delta Megalopolis for customers of all ages, Yincheng International commenced its property development operations in Nanjing and successfully expanded its footprint to other cities in the Yangtze River Delta Megalopolis, including Wuxi, Suzhou, Zhenjiang, Hangzhou, Ma'anshan, Hefei, Xuzhou, and Taizhou. Adhering to the core development strategy of "leading quality, excellent services and Innovation" with an aim to developing quality property products "with healthy, comfortable, smart and convenient living environment for customers of all ages", Yincheng International has been recognized by the Jiangsu Real Estate Association as one of the top 50 enterprises in the property development industry of Jiangsu Province in terms of comprehensive strength consecutively for 18 years since 2002 and ranked 1st on such list in 2019.

As at 30 June 2021, the Group had 58 projects located in 10 cities in the PRC, including Nanjing, Wuxi, Hefei, Suzhou, Hangzhou, Zhenjiang, Ma'anshan, Xuzhou, Taizhou, Wenzhou and Huai'an). The Group's land bank with an aggregate estimated GFA of over 7.57 million sq.m., out of which the land bank with interests attributable to the Group amounted to approximately 5.22 million sq.m.. The high-quality land bank has laid a solid foundation for the Company's future growth.




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HONG KONG, Aug 19, 2021 – (ACN Newswire) – Redsun Services Group Limited ("Redsun Services" or the "Group"), a fast growing comprehensive community services provider focusing on the Yangtze River Delta, has announced its unaudited interim results for the six months ended 30 June 2021 ("1H2021").

1H2021 Highlights:

— The Group's total revenue was RMB529.1 million, representing an increase of 63.7%.
1) Revenue from property management services was RMB350.4 million, accounting for 66.3% of total revenue, representing an increase of 55.2%.
2) Revenue from value-added services to non-property owners was RMB84.8 million, accounting for 16.0% of total revenue, representing an increase of 22.9%.
3) Revenue from community value-added services was RMB93.8 million, accounting for 17.7% of total revenue, representing a significant increase of 230.0%.

— Profit for the reporting period was RMB64.0 million, representing an increase of 71.2% as compared with adjusted profit of RMB37.4 million for the corresponding period of 2020. Profit for the reporting period attributable to equity shareholders of the Company was RMB59.8 million, representing an increase of 60.4% as compared with adjusted profit attributable to equity shareholders of RMB37.3 million for the corresponding period of 2020.

— As at 30 June 2021, the Group had 327 contracted projects and contracted GFA of approximately 49.6 million sq.m., representing an increase of approximately 60.0%. These projects included 228 projects under management and GFA under management of approximately 34.4 million sq.m., representing an increase of approximately 83.5%.

The Group's revenue was RMB529.1 million, representing an increase of 63.7% as compared with RMB323.2 million for the corresponding period of 2020. During the period, the Group further optimised the business structure and active promotion in the development of community value-added services which have higher gross profit margins, and the Group's gross profit margin increases of 2.6 percentage points to 28.9%. Profit for the period was RMB64.0 million, representing an increase of 71.2% as compared with the adjusted profit of RMB37.4 million for the corresponding period of 2020. Profit for the reporting period attributable to equity shareholders of the Company was RMB59.8 million, representing an increase of 60.4% as compared with RMB37.3 million for the corresponding period of 2020. The Board does not recommend the payment of any interim dividend.

The Group maintained a solid financial position during the reporting period. As at 30 June 2021, the current assets amounted to RMB900.0 million, and cash and cash equivalents amounted to RMB579.7 million, thus maintaining a stable net cash condition.

The business of the Group covers a variety of property types, including both residential and non-residential properties such as commercial buildings, schools and public buildings, in addition to other specialised high-quality consulting services, resulting in collaborated balanced development of residential and commercial projects. As at 30 June 2021, the Group had provided property management services and value-added services to 42 cities in China, with 327 contracted projects and a contracted gross floor area of approximately 49.6 million sq.m., representing an increase of approximately 60.0%. Such projects included 228 projects under management with a GFA of approximately 34.4 million sq.m., representing an increase of approximately 83.5%.

Among the GFA under management in the first half of 2021, the proportion of third-party property developers substantially increased from 37.3% in the same period last year to 59.5%, which further demonstrates the Group's external expansion capabilities. In addition, the Group's portfolio of managed properties has become more diversified. Apart from residential and commercial, there are also public construction and other properties such as hospitals, schools, industrial parks. The total GFA under management from third-party property developers has increased five times year-on-year to 1.85 million sq. m.

The Group remained steadfast in maintaining development driven by both organic growth and external expansion. Not only did it rely on its own service quality and brand recognition to expand market and promote development in cities, it also entered into equity cooperation with strategic partners who could provide complementary advantages in regional markets to develop rapidly across different regions. In the first half of 2021, the Group completed the acquisition of Wuhan Huidehang Elite Property Services Co., Ltd., Gaoli Property Services Co., Ltd. and Jiangsu Gaoli Meijia Property Co., Ltd. It also signed a strategic cooperation agreement with the office of Xigang sub-district, Qixia District, Nanjing, with a view to deepening the development in urban services and facilitating cooperation in aspects including community comprehensive services, municipal management services and specialised facility services in corresponding administrative regions. The Group also entered into a strategic cooperation agreement with Anhui Shui'an Construction to establish comprehensive in-depth cooperation in services at property sales venues, early-stage involvement services and other services, thereby laying a solid foundation for improving quality in scale.

Further enhancement in service capability to build up core competitiveness
In the future, the Group is dedicated to create good living with its continuous effort in improving its service capability and building core competitiveness. As people are the most essential element in productivity, the Group will establish a service capability nurturing center to attract and nurture talent who measure up to the enterprise's values, so that talent can become the primary resource in development of the Group. Service capability enables rapid development of an enterprise and is the embodiment of industry innovation, new business and new products. Based on the demands of different sectors and customers, the Group will continue to upgrade and improve a full range of lifecycle products and the design of new service products. Redsun Mode 2.0 is being implemented to create standardisation of services throughout all scenarios, leveraging technology applications to refine Hong Tu System, the Group's intelligent management system, so as to achieve more effective application of digital management and services. Meanwhile, the Group is also conducting service innovation for improving its capability to serve customers creatively. Through systematic development of benchmark projects and protection, the ability for standardised services to be delivered is increased.

Focusing on penetrating the Greater Jiangsu Region and mapping its non-residential business portfolio, the Group will continue to further enhance its regional competitiveness through high-quality acquisitions and integration, urban services, cooperation with independent third parties and full entrustment (market-oriented bidding extension) projects. Good performance in value-added services for property owners is becoming a new track for property management companies in the next stage of competition. The Group will further increase the income- and profit-generating capabilities per capita in the segment of value-added services for property owners, so as to unleash the value of value-added services for property owners.

Further strengthening our innovative power to spark innovative momentum
The Group will make full use of the advantages of the "residential + commercial" dual-driven model, and will focus on the customers' demand for living services to actively expand the business of value-added services for property owners. The Group will upgrade the Community Commercial 3.0 platform and keep launching subproduct packages such as the businesses of property decoration, rental and sale, community e-commerce, etc. Based on the assessment of the Red Life APP scenarios, the Group will also implement upgrades for existing service models to enable mutual growth in property and urban development.

The Group will continue to adhere to the original vision of "making lives warmer" and the customer-oriented principle, treat customers with sincerity and provide them with excellent services, and focus on its service capability, strong operations and power of innovation to more deeply explore and earnestly implement best practices, aiming at achieving rapid growth with quality, and becoming an enduring good life operator.

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 recognised 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.



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HONG KONG, Aug 16, 2021 – (ACN Newswire) – CENTRAL CHINA MANAGEMENT COMPANY LIMITED ("CCMGT" or the "Company", stock code: 9982.HK), a leading property project management company in China, today announces its unaudited interim results ended 30 June 2021("Review Period"). During the Review Period, benefited from the PRC domestic property sector continued to recover and the Greater Central China strategy of the Company, the revenue of the Company increased 32% to approximately RMB635 million as compared to the same period of 2020. Net profit amounted to approximately RMB362 million, representing an increase of 20% as compared with the same period last year. Core net profit amounted to RMB380 million, an increase of 25.6% as compared to the same period of 2020. The earnings per share increased 17.8% to RMB0.12 cents. The Board of Directors declared an interim dividend of HK8.60 cents per share for the six months ended 30 June 2021.

During the first half of 2021, the world economy gradually recovered owing to the improved global COVID-19 situation. The Chinese economy is on a solid recovery track. During the Review Period, CCMGT owned 250 projects under management and had been present in 116 cities and counties, namely 99 cities and counties in Henan and 17 cities and counties in other 6 provinces. The projects cover Henan, Anhui, Shanxi, Shaanxi, Hebei, Xinjiang, and Hainan. During the Review Period, the Company owned GFA under management of 30.085 million sq.m., an increase of 25.2% as compared to the corresponding period of 2020. Among the projects, 52 project management contracts were signed with a newly contracted GFA of 5.734 million sq.m., a year-on-year increase of 21.5%, which included the projects under management were those in provinces other than Henan with GFA of 2.25 million sq.m., an increase of 145.0% as compared to the corresponding period of 2020.

As the parent company Jianye Group continued to improve its comprehensive capabilities, expand its brand influence, consolidates of its base areas in Henan and constant enhancement of the confidence of its team, and meanwhile launched the "Greater Central China" strategy under its provincial development and new blue ocean strategies. CCMGT, as one of the pioneers in implementing Jianye Group's Greater Central China strategy, actively promoted project investment and expansion in "Greater Central China" region.

During the Review Period, the Company was dedicated to open up projects in Henan province. The revenue from projects in Henan province amounted to approximately RMB 596 million, a year-on-year increase of 26.5%. The revenue from projects outside Henan province amounted to approximately RMB 38.63 million, a year-on-year increase of 307.8%.

Mr. Wu Po Sum, Chairman and non-executive Director of CENTRAL CHINA MANAGEMENT COMPANY LIMITED, said, "CCMGT enjoyed not only its own development advantages, but the fact that the Chinese economy is on a solid recovery track also steady and sound growth momentum in China's economy. As an inland open highland, Henan Province saw continuous improvement of its advantages as an integrated transportation hub and vigorous industrial transformation and upgrading. The urban agglomeration in central China promoted the integrated development of urban and rural areas and released huge market demands. On the other hand, thanks to changes in the policy environment and trends of the real estate market, the project management market offers abundant opportunities."

China's GDP increased by 12.7% year-on-year during the first half of 2021 and is forecasted by the World Bank to grow 8.5% throughout the year. This creates a positive, favourable environment for businesses to grow.

On 27 May 2021, the first China Project Management Value Summit released the Blue Paper for the Project Management Industry, which expected that the penetration of the project management industry will reach 4.8% in 2021. Compared to US and Europe project management industry penetration of 20% to 30%, China's project management industry penetration has room to further grow up to 5.2 times. Thus, there's enough room for competition and the prospect for development in future is promising.

Looking ahead, Mr. Wu Po Sum said, "With the increasingly widening of industry sectors and release of the industry's potential for continuous growth, the Company will centre on products and services and steadily push forward a refined full process project management system. In the era of management dividends, the Group will build its core competitiveness and promote its transformation into a leading project management company."


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