HONG KONG, Mar 29, 2021 – (ACN Newswire) – Redsun Properties Group Limited ("Redsun Properties", or the "Group", stock code: 1996), a leading comprehensive property developer in Mainland China, announced its annual results for the year ended 31 December 2020. The Group has maintained a solid financial position with enhanced credit. With revenue hit a record high, steady profit growth, stable growth in scale of assets and continuous optimization of debt structures, the Group entered into the green tier at the "Three Red Lines" assessment.

2020 Results Highlights:
— Contracted sales reached RMB86.50 billion, representing a year-on-year increase of 32.8%. Average contracted selling price increased by 10.0% to RMB14,622 per sq.m.
— Total revenue amounted to RMB20.2 billion, representing an increase of 32.9% compared with the 2019 level. Revenue from property business up 33.3% to RMB19.6 billion, while commercial and hotel operations increased by 20.3% to RMB542.8 million
— Gross profit and gross profit margin were RMB4,507.7 million and 22.4% respectively
— Net profit amounted to RMB1,854.9 million, representing an increase of 13.4% compared with the 2019 level. Net profit margin reached 9.2%
— Net profit attributable to owners of the parent increased by 13.2% to RMB1,661.0 million
— Core net profit attributable to owners of the parent reached RMB1,313.1 million, representing an increase of 10.7% as compared with the 2019 level (2019: RMB1,185.8 million)
— As at 31 December 2020, the "Three Red Lines" indications of the Group were in green lights, with a gearing ratio (excluding unearned revenue) of 69.4%, net gearing ratio of 50.3%, cash to short-term debt ratio of 1.62 times
— The Board recommended payment of a final dividend of HK14.5 cents (equivalent to RMB12.2 cents) per share

Stable sales with high-quality growth
During the year, the Group achieved contracted sales of approximately RMB86.50 billion, representing an increase of 32.8% compared with last year's level. The Group's contracted sales in gross floor area was approximately 5.9 million sq.m., achieving a record high and representing an increase of 20.6%, while the average contracted selling price increased to RMB14,622 per sq.m. Collection rate of contracted sales stood at 88% in 2020, which remains at the top level of the industry. Revenue amounted to approximately RMB20.2 billion, representing an increase of 32.9%. Core net profit attributable to owners of the parent reached RMB1,313.1 million, representing an increase of 10.7%.

Property sales increased to approximately RMB19.6 billion, up 33.3% year-on-year. Rental income of commercial operations increased 22.8% to approximately RMB505.2 million, mainly due to the additional contributions from Pavilion C2 and C3 of the Nanjing Hong Yang Plaza's opening in August 2019.

Proven efficacy in commercial/residential linkage, resulting in successful acquisition of commercial and residential plots of land
Implementation of the new model of land acquisition by way of commercial/residential linkage continued to show its effectiveness. Subsequent to Changzhou Tian Xia Jin project, the city-property integration model enabled the Group to expand its presence. The Group secured the Anqing commercial and residential complex project and the Wuhan Supply and Marketing Cooperative project. Going forward, it will continue to step up efforts in land acquisition for more asset-heavy commercial property projects. As of 31 December 2020, the Group's aggregate land bank gross floor area was approximately 20.1 million sq.m. (gross floor area attributable to the Group was approximately 9.7 million sq.m.), representing an increase of 18.5% compared to 16.9 million sq.m. as of 31 December 2019, which provides ample support for the future development. In terms of regions, 71% of the Group's land bank is located in the Yangtze River Delta region, mainly in Jiangsu, and the rest are located in key cities in the Greater Bay Area and Chengyu. In 2020, the Group acquired 50 new pieces of land with a gross floor area of approximately 6.9 million sq.m. Among them, 35% of new projects were invested through multiple channels and acquired land through mergers and acquisitions or commercial-residential cooperation, which can effectively control costs.

During the year, the Group continued to strengthen its foothold in Nanjing, and whilst promoting the Hong Yang Plaza brand, it successfully launched Yanjiao Hong Yang Plaza, Yangzhou Hong Yang Plaza and Hengyang Hong Yang Plaza. The Group is also preparing the opening of nine more Hong Yang Plazas in Hefei, Xuzhou, Jining, Fushan in Yantai, Lekai in Yantai, Dacheng in Changzhou, Fenghuangdong in Changzhou, Anqing, and Jinan Hongyang Plaza under leasing and entrusted management, extending its brand to other cities and enhancing its influence in the industry.

Maintain sound financial position and gain wide recognition of the capital market
As of 31 December 2020, the Group's net gearing ratio improved from 70.4% to 50.3% and cash on hand rose 10.0% to RMB18.5 billion. Hence, it had sufficient working capital and sound financial position. In January 2021, the Group made a breakthrough by successfully issuing senior notes at a coupon rate of 7.3% for a term of 4 years with an aggregate principal amount of US$350 million, which realized the US$-denominated senior notes of the largest amount, lowest coupon rate and longest term issued by the Group on a single basis in its history, laying a sound foundation in the capital market.

Future strategy: Take a profit-driven approach to achieve quality and stable growth in scale
Looking ahead, Redsun Properties will press further with its real estate developments, employing as core strategy "penetrating the Greater Jiangsu Region, strengthening foothold in major metropolitan areas and expanding into core cities", and it will constantly foster the nationwide strategic layout. In particular, a comprehensive layout will be implemented in Jiangsu Province so as to achieve economies of scale. Its foothold will be strengthened in regions which are currently more mature and which offer greater potential. Regarding its operation, the Group will persist in being operation- and customer-oriented to make ends meet and it will constantly keep an eye on the safety of cash flow. The Group will set up ecological and duplicable project production lines and create core competitive edges for products through lean control of the entire value chain. On commercial development, the Group will stress the importance of both expansions of scale and enhancement of operational efficiency. As the Group constantly optimizes and upgrades its business portfolio, it will create benchmark commercial property projects. Following its creation of an online platform that features offline integration, the Group will set up a digital member service system to enhance its operational capabilities using information, thereby generating better returns on assets from its commercial real estate business.

About Redsun Properties Group Limited ("Redsun Properties") (stock code: 1996)
Redsun Properties Group Limited ("Redsun Properties" or "The Group") is a leading comprehensive developer in China, focusing on the development of residential properties and the development, operation and management of commercial and comprehensive properties. The Group has established a steady regional leading position in Jiangsu Province by taking root in Nanjing, Jiangsu and Yangtze River Delta. Since the incorporation of Nanjing Redsun in 1999, Redsun Properties has worked in the sector of property development and sales for 20 years, established the Hong Yang brand and received widespread recognition for the development capacity and industry position.

While developing residential properties, Redsun Properties also operates commercial complexes covering shopping malls, amusement parks and community centers, hotels and office buildings. Most of the commercial property buildings are adjacent to the Group's residential property projects, providing ancillary services for the residents and also increasing the value of the Group's residential property projects.

Redsun Properties is a constituent of the MSCI China Small Cap Index, Hang Seng Composite Index and Hang Seng Stock Connect Hong Kong Index.



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HONG KONG, Mar 25, 2021 – (ACN Newswire) – Everbright Grand China Assets Limited ("Everbright Grand China" or the "Group"; HKEX stock code: 03699), a subsidiary of China Everbright Group, principally engaged in the businesses of property leasing, property management and sales of properties held for sale, announced its annual results ended 31 December 2020 ("Reporting Period").

Dearing the reporting period, the Group's revenue amounted to approximately RMB51.7 million, which represented a decrease of approximately RMB19.6 million as compared to last year, mainly due to the absence of revenue generated from sales of the residential properties. Profit attributable to equity shareholders of the Company was approximately RMB34.0 million, which represented a decline of approximately 8.8% as compared to the last year. The decrease in profit was mainly caused by the net effect of the decrease in valuation gains on investment properties, the increase in administrative expenses due to recognition of costs in relation to preparatory works for the acquisition of properties in the United Kingdom ("U.K.") and the increase in other income, net. The basic earnings per share was approximately RMB0.08. The Board has proposed to pay a final dividend of RMB1.92 cents (equivalent to HK2.29 cents) per share for the year ended 31 December 2020.

Property Leasing
The Group's leasing properties are located in Chengdu, Sichuan province and Kunming, Yunnan province in the PRC. At 31 December 2020, the property portfolio comprises three commercial buildings, namely Everbright Financial Center, part of Everbright International Mansion and Ming Chang Building, with a total gross floor area ("GFA") of approximately 89,507 (2019: 88,529) square meter ("sq.m."). The Group's residential properties, namely Dufu Garden, with GFA of approximately 1,319 sq.m., were disposed during the year.

Property Management Service
In order to maximize the value of the Group's properties, the Group has a professional property management team to provide property management services for its properties, namely, Everbright Financial Center and Everbright International Mansion. Revenue from the Group's property management services was approximately RMB15.0 million for the year ended 31 December 2020. During the year, the decrease in revenue from property management services was due to the rise in vacancy rate resulting from the expiration of tenancy agreements of individual tenants. Total GFA under the management was approximately 70,498 sq.m., an increase of 1.9% as compared with last year.

Investment Properties
The investment properties mainly consist of land and/or buildings which are owned or held under leasehold interest to earn rental income and/or for capital appreciation. As at 31 December 2020, the fair value of the investment properties was RMB933.3 million. The valuation gain on investment properties for the year ended 31 December 2020 amounted to approximately RMB17.2 million, representing a decrease of approximately RMB9.2 million as compared with last year. The decrease indicates the slow down of property market in the PRC.

Prospects
Looking ahead to 2021, the world economic outlook still depends highly on the situation and changes of the COVID-19 pandemic. The pandemic has caused permanent damage to the global economy, leading to further aggravation of long-term problems, and the withdrawal of expansionary policies will also bring uncertainty to the economic recovery. At present, developed economies have begun to vaccinate in a large scale, but in view of the difficulty of obtaining vaccines in emerging economies other than China, it is expected that the recovery process of emerging economies other than China will be slower than that of developed economies. Although the alleviation of pandemic is conducive to economic recovery, the global economy continues to face severe challenges in many areas such as public health, debt management, budget policies, central bank operation and structural reform.

With the recovery of economic activities in China, the demand for real estate purchases and property management services has gradually picked up. The unexpected epidemic has not slowed down the development of the property management industry. In early 2021, ten departments including the Ministry of Housing and Urban-Rural Development issued the Notice on Strengthening and Improving Residential Property Management, which encourages property management companies to use technologies such as the Internet of Things and cloud computing to build smart property management service platform, and encourages property management companies to extend to areas such as elderly care, childcare and courier pick-up and delivery. Some research indicates that improving the profitability of individual project is the heart of the policy. Thanks to favorable policies, 2021 will remain as a meaningful year for the development of property management industry, and the market size of property management industry is projected to expand to RMB2,408 billion in 3 to 5 years. At the same time, hopefully the benefits brought by technology services and value-added services will be prominent, and the revenue of property management companies is expected to grow significantly.

The epidemic has not only made the public aware of the importance of property management service, but also led the capital market to rediscover the value of property management service. The property management industry is entering a new stage of development with a new look. In 2020, the Group worked hard on the front line of anti-epidemic, flexibly adjusted its commercial leasing strategy, minimized the risk of immediate rent termination, and safeguarded the long-term interests of tenants to tide over difficult times, as well as reduced rents and exempted and / or waived rent for some customers with difficulties. The Group maintained a positive brand image and welcomed new customers to settle in, which expanded the source of continuous income. Meanwhile, the property capital market was unprecedentedly hot during the year, listed property service companies were given higher valuations, and capital values continued to be reshaped.

Looking forward, as China's economy continues to recover and the stimulus measures introduced during the year continues to be effective, the momentum of economic growth is expected to carry on. The Group will keep up with its large-scale expansion efforts, focus on effective scale growth, actively explore new revenue growth points for diversified operations, deepen the use of high-tech means to optimize management and services, and compete on the golden track of property management. Meanwhile, the Group has entered into the new framework agreement with China Everbright Group Limited and the long-term cooperation between both parties will promote the continuous growth of the leasing business. Benefiting from the recognition of the "Everbright" brand, the Group will strengthen its bargaining power and win the trust of the counterparty, which will help improve the inherent ability to expand business and achieve sustainable growth. The Group has sufficient resources in terms of capital and capability to capture opportunities of the Company and overcome challenges, and is committed to protecting the long-term interests of the shareholders (the "Shareholders") as a whole.

About Everbright Grand China Assets Limited
Everbright Grand China Assets Limited, a subsidiary of China Everbright Group, principally engaged in the businesses of property leasing, property management and sales of properties held for sale, owns, leases and manages properties located in Chengdu, Sichuan province, and also owns and leases a property located in Kunming, Yunnan province. The properties are located in the city centers of Chengdu and Kunming, the key cities of western China. The property portfolio comprised three commercial properties, namely Everbright Financial Center, part of Everbright International Mansion and Ming Chang Building, and residential properties, namely part of Dufu Garden.

For further details regarding to Everbright Grand China Assets Limited, please visit its website at http://ebgca.com.hk/.

Issued by Porda Havas International Finance Communications Group for and on behalf of Everbright Grand China Assets Limited. For further information, please contact:

Kelly Fung Tel: +852 3150 6763 Email: kelly.fung@pordahavas.com
Ivy Chen Tel: +852 3120 6522 Email: i.chen@pordahavas.com
Email: ebgca.hk@pordahavas.com



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HONG KONG, Mar 25, 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 foothold in the Guangdong-Hong Kong-Macau Bay Area ("Greater Bay Area"), has announced its annual results for the year ended December 31, 2020 ("FY2020" or "the Year"),

Contracted sales another record high and maintained steady growth in results

For the year ended December 31, 2020, the Group was able to realize quality growth in its results amid adversities by capitalizing on its strategic business presence in the Greater Bay Area, and its quality properties and professional services. Contracted sales amounted to approximately RMB7.71 billion, a year-on-year increase of 75.5%. Net profit grew by 19.4% year-on-year with net profit margin at 14.4%. Basic earnings per share were RMB0.10. The Board of Directors has proposed to distribute an annual dividend of HK4.95 cents per share.

Strong foothold in Greater Bay Area and property sales continue to develop

The Group continued to actively expand business by focusing on delivering the mission of "Maintain foothold in Greater Bay Area, based in Dongguan, and service covering Southern, Central and Eastern China". During the Year, the Group's revenue soared by 42.9% year-on-year to approximately RMB5.15 billion. Total GFA delivered increased by approximately 78.7% against last year, from such projects as Marina City in Dongguan, Nine Miles Bay in Heyuan and Huijing Riverside Villa.

Actively replenished land reserves and continued to push forward development of urban renewal projects

In 2020, the Group's land reserves amounted to approximately 1,219,000 sq.m., the area total in seven projects. During the Year, apart from devleoping and operating property projects with strategic advantages in the Greater Bay Area, the Yangtze River Delta Urban Cluster and the Mid-Stream Urban Cluster, it also took its projects in Western and Northern regions in China, including Xichang in Sichuan and Bazhou in Hebei provinces.

As for urban renewal projects, the Group has today secured preparatory service contracts of seven projects (total site area of approximately 1.56 million sq.m.) in Dongguan. During the year under review, the projects in Zhangmutou, Baoshan Area, in Humen Xinwan Area and Shatian Renzhou Area were ready for launch, and for another 12 projects, efforts were made to obtain preparatory services provider qualification or change land use, involving the proposed total site area of approximately 2.13 million sq.m. for three-old transformation. The Group will continue to seize urban development opportunities, acquire land parcels with strategic geographical advantages and optimize the layout of urban renewal projects, so as to become a leading developer in the urban renewal project realm in the Greater Bay Area.

Financial position stable and liquidity kept improving

The Group's financial position remained stable, with net gearing ratio at approximately 18.0%. 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 structure and reduce finance costs. In addition, it will continue to strengthen cash flow management, speed up receivables turnover and increase capital turnover rate.

Future strategies: To seize opportunities, Maintain foothold in Greater Bay Area, Integrate industry and city, Improve product quality

Mr. Lun Zhao Ming, CEO and Executive Director of Huijing Holdings, said, "2021 marks the beginning of the country's '14th Five-Year Plan'. In the new economic environment with new policies in place, we will adopt more aggressive sales strategy and timely adjust our marketing plans, increase investment in marketing drawing on our own edges and rich resources, to help us make breakthroughs in the constantly changing market environment. Looking ahead, the Group will continue to focus on the main business of developing residential properties, and work from its "one focus, one core and two wings" blueprint – urban renewal projects as the core, taking the cultural tourism-healthy living towns and the scientific and innovative technologies industrial towns as the two wings, plus build a high quality development path that can bring together and foster upgrade of the industry, city development and the quality of living of people, thus , creating greater value for cities. Boasting stable business growth, sufficient land reserves, prudent investment strategy and active sales operations, we are confident of our ability to boost sales as well as our competitiveness for delivering sustainable returns to shareholders."



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