The International Forum on Higher Education 2020 held in Zhengzhou, China

ZHENGZHOU, CHINA, Nov 26, 2020 – (ACN Newswire) – The International Forum on Higher Education 2020, co-hosted by China Association of Higher Education and Zhengzhou University, supported by Henan Provincial People's Government, was held in Zhengzhou on November 21-22. More than one hundred Chinese and foreign experts and scholars discussed the modernization of higher education on the theme of "Accelerating Modernization of University Governance Systems and Capacity Building".

International Forum on Higher Education 2020, Zhengzhou Conference Venue

Address by Zhong Denghua, member Party Leadership Group and Vice Minister of Education P.R.C

Keynote by Du Yubo, President of the China Association of Higher Education

In the opening address, the Chinese Vice Minister of Education, Zhong Denghua pointed out that it was necessary to combine the spirit of the Fifth Plenary Session of the 19th Central Committee of the Party in order to understand the achievements in higher education development, which would further strengthen confidence in the higher education system. And then focus on the construction of a strong education country, enhance the ability and level of service to construct a new development pattern, to build a quality development system of higher education in the new era.

Zhong Denghua stressed that peace and development are the major theme of the times, and the concept of "A Community of Shared Future for Mankind" which was deeply rooted in the hearts of people. The Chinese government will, as always, support exchanges and cooperation in higher education in various countries.

In the keynote address, Du Yubo, President of the Chinese Association of Higher Education, gave a systematic explanation on adapting to the needs of the new development pattern and promoting the high-quality development of higher education, with the theme of "Adapting to the needs of the new development pattern to promote the high-quality development of higher education."

Song Zhenghui, Secretary of CPC Committee of Zhengzhou University, as co-organizer of the forum, in his address said Zhengzhou University was developing its own characteristics and comparative advantages, updating its administrative philosophy and its university governance in line with Chinese culture, traditions and values, giving full play to the advantages of the system and carrying out the president's responsibilities under the leadership of the party committee. With systematic thinking, the University was building a scientific academic and administrative organizational structure, innovating the governance systems, and building a national "double cycle" system for the development of higher education.
(From Weiwei Li, Haijun Ma.)

Source:
http://www.henan.gov.cn/2020/11-22/1906589.html

Media Contact:
Anna Chen
493677115@qq.com

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Sincere Group Announces Stronger Sales and Average Prices for Chengdu Residential Project

SINGAPORE, Nov 26, 2020 – (ACN Newswire) – Sincere Property Group, one of China's top 100 developers, announced today strong sales and higher average selling prices (ASPs) for the Phase 3 launch of its prestigious residential project in Chengdu, Sichuan Province, reflecting improving homebuyer sentiment as the country continues to recover from the COVID-19 pandemic.

First-day Phase 3 sales of TianFengHe Mansion on 10 November 2020 reached RMB 150 million. Of the 762 total units of the project, 540 units have been launched, of which 430 units or close to 80% were sold leading up to 25 November 2020.

Based on the latest confirmed sales, units sold in November had an ASP of RMB 13,700 per square meter (sqm), 8.7% higher than RMB 12,599 per sqm for units sold in March 2020 when buyer sentiment was at its lowest. The project in Sichuan's capital city was first launched in December 2019. It has an estimated saleable gross floor area (GFA) of residential units of 360,000 sqm, and total sales value of up to RMB 4.6 billion.

The Company said: "We are highly encouraged by the sales of our Chengdu project. It underscores the brand recognition of our projects across China. Based on official data, home prices across China continue to show month-on-month growth. China is recovering well from the pandemic. Other residential projects of the Sincere Group continue to report healthy growth in sales volume and selling prices."

According to data released this month by China's National Bureau of Statistics, property investment in the first 10 months increased 6.3% year on year with investment in residential property rising 7%.

Sincere Wins Bid to Manage Retail Mall of Upcoming Kunming Transportation Hub

Concurrently, Sincere also announced that it has secured the winning bid to operate the retail space in the upcoming Kunming Transportation Hub that will serve as a gateway linking the southwestern province of Yunnan with the rest of Asia.

Sincere Starlight Commercial Properties (Sincere Starlight), a subsidiary and the retail operation platform of Sincere, beat four competitors to secure the right to operate and manage the retail space. The Sincere Starlight Mall will have over 100,000 sqm of retail space and will be managed by the Sincere group for a 15-year period commencing 2024.

The prestigious project in the capital of Yunnan Province will be a source of recurring income for Sincere. It is the second management contract secured by Sincere Starlight in Kunming this year, underscoring the strength of management capabilities and brand recognition of Sincere and Starlight. Both projects will provide steady asset-light recurring income for Sincere.

The Kunming Transportation Hub will serve as a major multi-modal interchange serving 45 million passengers annually when it opens in 2024. Involving investment of RMB 6.5 billion, the large-scale mixed development comprises public transportation interchange, retail, office, hotel, residential, apartments and car parks, with total GFA of 608,800 sqm.

Kunming already serves as a transportation hub connecting China to mainland Southeast Asia, one of the fastest-growing economic regions with a combined population of nearly 650 million people in 11 countries. The proposed hub will build upon current rail and road links to the region to Myanmar, Laos and Thailand. To be located in the city centre, the Kunming Transportation Hub will also connect with Kunming Changshui International Airport and the Kunming High-Speed South Train Station.

Sincere has a geographical presence in 18 Chinese cities including Tier 1 and Tier 2 cities. With over 1,800 professionals, it has a complete set of development and management capabilities across residential, office, hotel and serviced residences, business park and large-scale mixed-use development.

For media enquiries, please contact

Gerry De Silva
Head, Group Corporate Affairs
Hong Leong Group
T: +65 6877 8538
E: gerry@cdl.com.sg
M: +65 97317122

Joanne Koh
Manager, Group Corporate Affairs
Hong Leong Group
T: +65 6877 8537
E: joannekoh@cdl.com.sg

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Commodities Intelligence Centre to groom Global Commodity Champions On the Back of RCEP

SINGAPORE, Nov 24, 2020 – (ACN Newswire) – Commodities Intelligence Centre (CIC), a B2B e-trade platform for physical commodities, has announced its plans to groom one Global Commodity Champion from each participating country of the Regional Comprehensive Economic Partnership (RCEP). Since the start of year, CIC has reported more than 20% increases in customers joining the platform compared to the same period last year, and a surge in online transactions with over 4,000 customers searching for trading opportunities on the platform. CIC has since achieved a gross merchandise volume of US$13.2 billion (S$17.7 billion), with over 5,200 registered users covering markets, including Singapore, Malaysia, Indonesia, India and China, among other countries in Asia. CIC looks to develop more than ten Global Commodity Champions over the next three to five years, as it strives to uncover new trading opportunities and boost global trade facilitation on the back of RCEP.

Peter Yu, Chief Executive Officer of Commodities Intelligence Centre, shared, "The coronavirus has radically reshaped the global supply chain, exposing the fragility of the industry. We believe that CIC is well-placed to empower companies, especially SMEs, from RCEP member countries to uncover new market opportunities and identify reliable partners and suppliers, while building business resilience and extending the global reach of their supply chains during this difficult period."

The RCEP is the world's largest trade pact signed by 15 countries in the Asia-Pacific region. It aims to eliminate as much as 90 per cent of tariffs on imports between member countries over the next 20 years, and will improve market access for goods and services within the region. RCEP members comprise all 10 ASEAN members and key partners, such as Australia, China, Japan, South Korea and New Zealand, accounting for 30 per cent of the world's economy and one-third of its population.

"The work that CIC has been doing for the past two years resonates strongly with the recently launched Regional Comprehensive Economic Partnership – to help participating countries establish a mutually beneficial economic partnership that will facilitate the expansion of regional trade and investment and contribute to global economic development and growth." added Peter.

Established in 2018 as a Joint Venture between Asia's leading B2B e-commerce group ZALL Smart Commerce Group, Global eTrade Services (GeTS) and Singapore Exchange (SGX), CIC platform supports 10 different languages encompassing RCEP member countries, and provides integrated services that help SMEs reduce transaction costs, optimise the efficiency of their supply chains across cross-border trading, financing, logistics and to be regulatory compliant. CIC also provides access to unique commodity offerings of participating RCEP countries, such as clean and renewable energy.

Recently, CIC has also successfully facilitated large-scale renewable energy transactions between customers from Australian, India and South Korea, with the official signing set to take place during this year's Global Digital Trade Conference 2020 and the 11th China Wuhan (Hankou North) Commodity Fair from November 28 to December 6.

About Commodities Intelligence Centre (CIC)

The Commodities Intelligence Centre (CIC) is a global trading platform for physical commodities including Ferrous & Non-Ferrous Metals, Chemicals & Plastics, Oil & Petroleum, and Agri Commodities. Officially launched in Singapore on 12 Oct 2018, CIC is a Joint Venture between China-based ZALL Smart Commerce Group, Global eTrade Services (GeTS) and Singapore Exchange (SGX) to build trade connectivity through digital marketplaces and to grow a vibrant trading ecosystem in Singapore.

CIC aims to revolutionize commodity trading and facilitate cross-border trade through deal matching, trade finance, supply chain logistics, track and trace and global trade compliance. Since its establishment in October 2018, CIC has achieved a GMV (Gross Merchandise Volume) of more than US$13.2 billion, with over 5,200 registered users covering markets including Singapore, Malaysia, Indonesia, India, China, among other countries in Asia.

For media enquiries
PRecious Communications for Commodities Intelligence Centre
Email: CIC@preciouscomms.com

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Evergrande Property Services Group Limited Announces Details of Proposed Listing on SEHK Main Board

HONG KONG, Nov 22, 2020 – (ACN Newswire) – Evergrande Property Services Group Limited ("Evergrande Property" or "the Group"), one of the largest and fastest-growing comprehensive property management services providers in China, has today announced the details of its proposed listing on the Main Board of The Stock Exchange of Hong Kong Limited ("SEHK").

(from left to right): Mr. Wang Zhen, Executive Director and Deputy General Manager of Evergrande Property Services; Mr. Hu Liang, Executive Director and General Manager of Evergrande Property Services; Ms. An Lihong, Executive Director and Deputy General Manager of Evergrande Property Services

(from left to right): Mr. John Lee, Managing Director, Vice Chairman of Global Banking Asia and Head of Greater China of UBS; Mr. Wang Zhen, Executive Director and Deputy General Manager of Evergrande Property Services; Mr. Hu Liang, Executive Director and General Manager of Evergrande Property Services; Ms. An Lihong, Executive Director and Deputy General Manager of Evergrande Property Services; Mr. Leon Xu, Managing Director, Head of Corporate Finance of Huatai International

Investment Highlights

– Evergrande Property is one of the largest and fastest-growing comprehensive property management services providers in China with extensive geographical coverage and outstanding services quality
– Introduces 23 cornerstone investors, and assuming an Offer Price of HK$9.13 per Share, being the mid-point of the indicative Offer Price range, cornerstone investors will subscribe for 789,471,000 Shares in total, which is equivalent to approximately 48.68% of the Offer Shares
– Net profit grew from RMB106.6 million in 2017 to RMB930.5 million in 2019 at a CAGR of 195.5% between 2017 and 2019, the highest growth rate among Top 20 Property Management Companies in China
– Revenue from three major business lines (property management services, value-added services to non-property owners and community value-added services) increased continuously, and boosted overall gross profit margin from 9.8% in 2017 to 38.1% for the six months ended 30 June 2020
– As of 30 June 2020, the Group was contracted to provide property management services, value-added services to non-property owners and/or community value-added services to 1,354 projects in over 280 cities across 22 provinces, five autonomous regions, four municipalities and Hong Kong, serving nearly two million households. As of 15 November 2020, its total contracted GFA was 543.4 million sq.m., and its GFA under management was 278.9 million sq.m.
– Capitalizing on its long-term cooperation with China Evergrande Group (the "Evergrande Group"), the Group benefits from stable source of projects and business opportunities brought by Evergrande Group's trusted brand and diversified business segments, supporting the Group's rapid growth
– Established a smart information platform and standardized management systems designed to improve customer experience and operating efficiency and reduce costs
– Seasoned, energetic and stable management team and an effective human resources management system
– Aims to expand business scale of property management services, offer comprehensive value-added services, optimize smart management through strategic acquisitions and investment across multiple channels, and ultimately consolidate its leading status in the industry

Offering Details
The Group intends to offer a total of 1,621,622,000 shares, comprising 810,811,000 New Shares and 810,811,000 Sale Shares (subject to Over-allotment Option), of which 1,459,459,000 Shares are for International Offering, including 648,648,000 New Shares and 810,811,000 Sale Shares (and among which 129,730,000 Reserved Shares will be offered under Preferential Offering) (subject to reallocation and Over-allotment Option), while 162,163,000 Shares are for Hong Kong Public Offering (subject to reallocation). The indicative Offer Price range is between HK$8.50 and HK$9.75 per Offer Share. Assuming an Offer Price of HK$9.13 per Offer Share, the mid-point of indicative Offer Price range, and the Over-allotment Option is not exercised, total proceeds from the Global Offering are estimated at approximately HK$14,805 million.

The Hong Kong Public Offer will commence at 9:00 a.m. on 23 November 2020 (Monday) and will end at noon on 26 November 2020 (Thursday). The final Offer Price and allotment results will be announced on 1 December 2020 (Tuesday) and dealing of its shares is expected to commence on the Main Board of SEHK on 2 December 2020 (Wednesday). Shares will be traded in board lots of 500 shares each under stock code 6666.

As part of the International Offering, the Group has signed cornerstone investment agreements with 23 cornerstone investors. Assuming the Offer Price of HK$9.13 (the mid-point of indicative Offer Price range), cornerstone investors will subscribe for 789,471,000 Shares in total, which is equivalent to approximately 48.68% of the Offer Shares and approximately 7.3% of the total issued share capital immediately upon the completion of the Global Offering (assuming the Over-allotment option is not exercised).

Huatai Financial Holdings (Hong Kong) Limited, UBS, ABC International, CCB International, CLSA and Haitong International are the Joint Sponsors, Joint Global Coordinators and Joint Bookrunners of the listing. CMB International and ICBC International are the Joint Bookrunners.

One of the largest and fastest-growing comprehensive property management services providers in China with extensive geographical coverage and outstanding services quality
Deeply rooted in China, Evergrande Property is one of the largest property management services providers in China with extensive geographical coverage. As of 30 June 2020, the Group was contracted to provide property management services, value-added services to non-property owners and/or community value-added services to 1,354 projects in over 280 cities across 22 provinces, five autonomous regions, four municipalities and Hong Kong. As at 15 November 2020, the Group had contracted GFA of 543.4 million sq.m. and total GFA under management of 278.9 million sq.m. According to the report published by China Index Academy ("CIA"), as at 31 December 2019, the Group ranked second in terms of the number of cities covered by its projects and ranked third in terms of contracted GFA among Top 100 Property Management Companies in China. The Group's GFA under management was also 5.6 times the average of Top 100 Property Management Companies in China as at 31 December 2019.

The Group is also one of the fastest-growing comprehensive property management services providers in China. According to CIA, the Group's net profit increased from RMB106.6 million in 2017 to RMB930.5 million in 2019 at a CAGR of 195.5%, which was the highest growth rate among Top 20 Property Management Companies in China, and was significantly higher than both the 26.4% average growth rate of Top 100 Property Management Companies in China and the 52.3% average growth rate of Top 10 Property Management Companies in China. The Group has also maintained rapid growth in net profit since 2019, which increased by 181.8% from RMB407.3 million in the six months ended 30 June 2019 to RMB1,147.7 million in the six months ended 30 June 2020. In addition, revenue from the Group's three business lines, namely property management services, value-added services to non-property owners and/or community value-added services, grew continuously in the past three and a half years, driving overall gross profit margin to surge from 9.8% in 2017 to 38.1% in the six months ended 30 June 2020.

The Group has been providing property management services in China for nearly 24 years. Its dedication to quality has earned extensive market recognition, while its strong brand appeal and high service quality have helped it maintain a relatively high contract retention rate and obtain quality projects from independent third parties, allowing it to capture more market opportunities. Since 30 June 2020 and up to 15 November 2020, the Group had submitted tenders for, and entered into, 84 new property management agreements, with a tender success rate of 100% and an aggregate contracted GFA of 30.1 million sq.m.

Highly visible growth underpinned by the Evergrande Group's trusted brand and diversified business segments
The Group's long-term and close cooperation with Evergrande Group has provided it with a stable source of projects and business opportunities. Evergrande Group is one of the leading property developers in China and was named No.1 among "Top 100 Real Estate Companies in China" in 2020 in terms of overall strength by China Real Estate Top 10 Research Group. As disclosed in its 2020 interim results announcement, Evergrande Group had residential land reserves of approximately 240 million sq.m. as at 30 June 2020. It also ranked first among property developers in China in terms of attributable contracted sales for three consecutive years starting from 2017 according to CRIC. Evergrande Group's vast land bank and fast growing contracted sales GFA have not only provided a large potential pipeline of high-quality projects for Evergrande Property, but also helped quickly turn pipeline projects into the Group's projects under management.

The Group's business integrates well with Evergrande Group's diverse business segments and creates all-round strategic synergies with Evergrande Group. It also provides tailored property management and value-added services to Evergrande Group's real estate, cultural tourism, health and wellbeing management and new energy vehicles businesses. At the same time, the Group utilizes the rich resources of Evergrande Group's various business segments to build a comprehensive "Evergrande Life Circle" that serves the housing, travel, leisure and health needs of property owners. Looking ahead, with the long-term stable cooperative relations with Evergrande Group, the Group will continue to benefit from Evergrande Group's multi-disciplinary development, vast land reserves and other business opportunities to achieve sustainable growth, further expand the scale of its property management business and geographical coverage so as consolidate its market leading position.

Diversified property portfolio and service offerings bringing high-margin revenue streams
The Group has expanded its property portfolio from mid-to high-end residential properties to other types of properties including commercial properties, theme parks, industrial parks, healthcare complexes, themed towns and schools. Going forward, it expects to continue expanding its portfolio of non-residential properties under management, in particular theme parks, industrial parks and healthcare complex projects. The Group's diverse portfolio of properties under management has helped diversify its revenue streams. It also positions the Group to take advantage of a wide range of high-quality third-party property management projects. Moreover, the Group provides diversified service offerings by leveraging its strong resources consolidation capability. As the Group's value added services are usually highly specialized and customized, they generate higher profit margins than conventional property management services. For the six months ended 30 June 2020, gross profit margin of the Group's community value-added services was 65.0%. According to CIA, the Group ranked fourth among Top 100 Property Management Companies in China in terms of the percentage of revenue from value-added services in 2019.

Smart information platform and standardized management systems designed to improve customer experience and operating efficiency and reduce costs
Leveraging its Evergrande Smart Community mobile application, the Group has built an integrated smart community platform that boosts its core competitiveness and operating efficiency, creating a safe, comfortable and convenient community for property owners and residents. It has significantly improved its operating efficiency through the application of its smart management platform and standardized management system. The Group's operating profit margin (calculated as operating profit divided by revenue) improved to 33.1% for the six months ended June 30, 2020 from 3.4% in 2017. From December 31, 2017 to December 31, 2019, its GFA under management per employee increased at a CAGR of 35.5%, which was higher than the average CAGR of 17.6% for Top 100 Property Management Companies and of 10.6% for Top 10 Property Management Companies during the same period, according to CIA. Its capita per employee (calculated as revenue for the period divided by the number of employees at the end of the period) increased at a CAGR of 32.7% from 2017 to 2019, which was higher than the CAGR of 19.2% for Top 100 Property Management Companies and 13.6% for Top 10 Property Management Companies during the same period, according to CIA. In the future, with its sustained investment in technologies and its capabilities powered by technology, the Group will continue to improve its online services systems, constantly developing its online business management systems, promoting its smart community solutions, exploring new technological applications as well as enhancing its services and management efficiency and effectiveness.

High-quality Services Winning Market Acceptance and Paving the Way for Expansion
The Group believes that its premium services have led to high customer satisfactions and contract retention rates. Its survey shows that its customer satisfaction rate reached 92.6% and 95.6% in 2019 and the six months ended June 30, 2020, respectively. During the same periods, its contract retention rate was 100% (excluding one project which the Group voluntarily quit in 2019). According to CIA, the Group is a "leading property management company in China in terms of customer satisfaction" in 2020. A number of properties managed by the Group were selected as model communities by provincial or municipal government authorities. This has enhanced its brand awareness and laid a good foundation for the Group to secure businesses from third-party developers.

Seasoned, energetic and stable management team, effective human resources management system and reputable strategic investors
The Group has an energetic, highly-educated and experienced core management team whose members have on average over ten years of property management industry experience that enables it to capture market growth and make appropriate decisions at the group level, leading the Group to gather and nurture a professional services team. The Group has established an efficient human resources system. Every year, it recruits talent from universities across China and offers them a series of training programs. Its highly professional team has been developed under its comprehensive talent development and competition systems and effective evaluation and incentive schemes.

Future Growth

Looking ahead, the Group will consolidate its leadership in the industry through strategic acquisitions and investment, and by expanding the scale of property management business via multiple channels. The Group will also continue to strengthen its competitiveness in the market. It will enhance services quality by providing diverse value-added services offerings and optimizing intelligent management. It will also improve its human resources systems to support its business development in the long run.

Use of Net Proceeds
Uses / Percentage
Strategic acquisitions and investment: 65.0%
Development of value-added services: 15.0%
Upgrade of information system and equipment: 8.0%
Recruitment and cultivating talent: 2.0%
Working capital and other general purposes: 10.0%

Dividend Policy
The Group intends to adopt an annual dividend payout ratio of no less than 25% of its annual net profit available for distribution generated in each financial year starting from the year ending December 31, 2020.

Financial Performance

RMB'000 For the year ended 31 December For the six months ended 30 June
2017 2018 2019 2019(unaudited) 2020
Revenue 4,399,356 5,903,226 7,332,722 3,465,760 4,563,855
Gross profit 432,860 723,000 1,754,983 796,620 1,737,687
Gross profit margin 9.8% 12.2% 23.9% 23.0% 38.1%
Profit for the year 106,564 239,008 930,524 407,326 1,147,693
Net profit margin 2.4% 4.0% 12.7% 11.8% 25.1%

About Evergrande Property Services Group Limited
Evergrande Property Services Group Limited is one of the leading property management services enterprise in China. Guided by its service philosophy of "conscientious services and heartfelt companionship", it has relentlessly pursued scalable development, standardized operation, professional services and intelligent management, with an aim to creating happy communities with premium living environment and cultural values by its quality services. The Group has an extensive geographical coverage of projects in more than 280 cities, spreading across 22 provinces, five autonomous regions, four municipalities and Hong Kong. It is the second largest property management services provider in China in terms of the number of cities covered by its projects as of 30 June 2020. The Group has a diverse portfolio of properties, including mid- to high-end residential properties, commercial properties, theme parks, industrial parks, healthcare complexes, themed towns and schools, among others. Over the past 24 years, the Group's dedication to services quality has gained wide recognition and received more than 300 awards and accolades in the industry. The Group was ranked top three among the Top 100 Property Service Enterprise Brands by the China Real Estate News in 2020.

Media Enquiries
Strategic Financial Relations Limited
Mandy Go Tel: (852) 2864 4812 Email: mandy.go@sprg.com.hk
Maggie Au Tel: (852) 2864 4815 Email: maggie.au@sprg.com.hk
Stephanie Liu Tel: (852) 2864 4852 Email: stephanie.liu@sprg.com.hk

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Rykadan Capital’s Proposed Share Buy-back at a Premium Offer Price of HK$0.68 per Share Seeking Approval from Independent Shareholders at the Extraordinary General Meeting on 23 November 2020

HONG KONG, Nov 11, 2020 – (ACN Newswire) – Rykadan Capital Limited (stock code: 2288) will be holding Extraordinary General Meeting ("EGM") on 23 November 2020 (Monday) at Room 1, 10/F, United Centre, 95 Queensway, Admiralty, Hong Kong at 1:00 p.m. for approving the Proposed Share Buy-back announced earlier in September. According to the Proposed Share Buy-back, Rykadan Capital, through Dongxing Securities (Hong Kong) Company Limited, will make a conditional cash offer to the shareholders of the Company to buy back up to 102,000,000 shares of the Company at a premium offer price of HK$0.68 per share.

Premium valuation: The Proposed Share Buy-back provides an opportunity for the shareholders to sell their shares at a premium to the prevailing market prices of the shares of the Company and receive cash proceeds in return. In particular, the closing price of the Shares has not exceeded the offer price for almost twelve months after 27 September 2019.

Certain and immediate value: The shares had been trading on the Hong Kong Stock Exchange at an average daily trading volume of approximately 71,397 Shares for the six months up to and including the last trading day (i.e. 15 September 2020), representing less than 0.02% of the total issued shares as at the last trading day. Hence, the Proposed Share Buy-back presents an immediate opportunity for the Company's shareholders to dispose of their Shares, not constrained by trading liquidity, and exit their investment for cash proceeds.

Monetise at a lower discount to the Company's NAV: In addition, Innovax Capital Limited, being the independent financial adviser (IFA) of the exercise, mentioned that the shares have consistently been traded at a substantial discount to the net asset value (NAV) per share attributable to equity shareholders of the Company, and the IFA considers that the Proposed Share Buy-back provides an opportunity for the shareholders to monetise their shareholdings at a lower discount to the Company's NAV per share attributable to equity shareholders of the Company.

In all, as an intrinsic merit of the exercise, the Proposed Share Buy-back confers the shareholders the flexibility and equal opportunity to participate in the Offer on the same terms at their own absolute discretion. The Proposed Share Buy-back required independent shareholders' approval at the EGM on 23 November 2020 (Monday). Qualified shareholders of Rykadan Capital should seize this opportunity to cast their votes by actively participating in the EGM in order to express their views. For CCASS participants, they're encouraged to express their votes intension to Share Registrar (i.e. Tricor) through their respective brokers on or before 4:30pm on November 17 (Tuesday).

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Rykadan Capital’s Proposed Share Buy-back at a Premium Offer Price of HK$0.68 per Share Seeking Approval from Independent Shareholders at the Extraordinary General Meeting on 23 November 2020

CDL Appoints Deloitte as External Financial Advisor to Evaluate Investment in Sincere Property Group

SINGAPORE, Nov 4, 2020 – (ACN Newswire) – City Developments Limited (CDL) announced today the appointment of Deloitte & Touche Financial Advisory Services Pte. Ltd. (Deloitte) as its External Financial Advisor to assist in further evaluating and reviewing its 51.01% joint venture equity investment in Sincere Property Group (Sincere) based in China.

The CDL investment of an effective 51.01% stake in Sincere, completed in April 2020, is a strategic investment which provides CDL with a platform established over 26 years, comprising different asset classes across 18 cities in China. Sincere is ranked in China among the Top 100 Developers by China's Real Estate Association and one of the Top 10 Business Park Developers and Operators.

As at 30 June 2020, CDL Group's global asset portfolio amounted to S$23.8 billion, of which China accounted for 14%. Excluding Sincere, the Group's China portfolio includes residences, office buildings, hotels, serviced apartments and retail malls.

The CDL Board has mandated this evaluation and review by Deloitte in view of the challenges relating to Sincere's liquidity position following the outbreak of the pandemic and new measures to further tighten liquidity for real estate companies in China; the most recent being the 'Three Red Lines' policy.

Deloitte will evaluate the investment in Sincere in the light of the above challenges. Based on the findings – expected to be finalised before the end of 2020 – the Group will update shareholders on the proposed recommendations.

Issued by City Developments Limited (Co. Regn. No. 196300316Z)

For media enquiries, please contact
Gerry De Silva
Head, Group Corporate Affairs
Hong Leong Group
T: +65 6877 8538
E: gerry@cdl.com.sg

Belinda Lee
Head, Investor Relations and Corporate Communications
T: +65 6877 8315
E: belindalee@cdl.com.sg

Joanne Koh
Manager, Group Corporate Affairs
Hong Leong Group
T: +65 6877 8537
E: joannekoh@cdl.com.sg

Eunice Yang
Vice President, Corporate Communications
T: +65 6877 8338
E: eunicey@cdl.com.sg

Follow CDL on social media:
Instagram: @citydevelopments / instagram.com/citydevelopments
LinkedIn: linkedin.com/company/city-developments-limited
Twitter: @CityDevLtd / twitter.com/citydevltd

About Sincere Property Group (www.sincere.com.cn)

With over 20 years of track record, Sincere Property is ranked as one of China's Top 100 Developers by the China Real Estate Association and one of China's Top 10 Business Park Developers and Operators by Guandian. Sincere Property has a full set of development and asset management capabilities across different sectors, including residential, retail, office, hotel and serviced residence, business park and large-scale mixed-use development. Sincere Property's geographical presence in China spans 18 cities, including key Tier 1 and Tier 2 cities. It employs over 1,800 professionals.

Its development land bank totals 8.3 million square metres with 64 development projects across 18 cities in China as at 30 June 2020. Sincere Property has a full spectrum of residential projects ranging from high-end to mass market, which includes villas as well as low- and high-rise condominiums. Sincere Property also owns and/or operates a substantial portfolio of investment properties in China, including 9 retail malls, 13 offices, four hotels with more than 1,000 rooms and a serviced residence with 404 apartments.

Sincere Property's contracted sales grew at a compounded annual growth rate of around 29% from RMB 9.9 billion in 2016 to RMB 21.4 billion in 2019.

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Ziptrak Original Track-Guided Blinds System Resolves Top Pain Points for over 4,500 Singaporean Homes and Businesses

SINGAPORE, Nov 3, 2020 – (ACN Newswire) – Ziptrak(R), the original patented track-guided blind system based in Australia, has been making balcony and semi-outdoor spaces in Singapore more usable, protecting homes and businesses from sun glare, rain, noise, UV radiation and heat. To date, it has been installed in over 4,500 residences and commercial spaces with a proven track record of durability, where less than one percent of units installed required full replacements.

Track-guided blinds are designed so that the blind material moves along a track, preventing wind and insects from entering, and cold air to escape from. Unlike traditional cabled blinds, which flap about in the wind and are exposed at the sides, the blind material will remain in the tracks and continue to protect your spaces, come rain or shine. The trifecta of quality, experience and innovation has been making waves since the very first installation of Ziptrak blinds at IMM Outlet Mall in December 2012, to its introduction to the Singapore market in early 2017.

1. QUALITY – Every component is selected for its strength and durability; with a 2m by 2m blind being able to withstand a static load equivalent to wind speeds of 260km/hr. For a product that needs to withstand scorching sun, lashing winds and fierce rain, only the strongest and most durable, rust-free components are, and should be, used.

2. EXPERIENCE – With over 20 years of customer insights and feedback, Ziptrak is able to adapt and curate features that perform outstandingly in today's conditions, such as the RainOut fabric range, PestOut(R) Pelmet and Child Safety Latch which were introduced specifically to address concerns and pain points of the Singapore market.

3. INNOVATION – Ziptrak also patented the revolutionary manual SuperSpring(R) system, built with the elderly in mind, and known for its ease of movement without the need for cords, cranks or even motors.

Customised Features for residences in Singapore

With Singapore being its largest market in Southeast Asia, the creators of Ziptrak came up with a unique series of features catered specifically to address the concerns of local homeowners.

1. Rain Out, Stay Dry
Stay dry from the 168 thunderstorm days that Singapore experiences each year with the 100% waterproof RainOut Fabric range, which features a fiberglass laminated weave to keep your balcony dry.

2. Pest Out, Stay Clean
Our PestOut(R) Pelmet also keeps the pelmet pest-free and also helps to rid the fabric of dust with a sweeping motion every time the blinds are drawn up.

3. Child Lock, Stay Safe
As a preventive feature exclusively for Singapore's many high-rise buildings, the manual Ziptrak(R) SuperSpring(R) blinds come with the option of a Child Safety Latch, which prevents the blinds from being lifted beyond railing height when deployed, keeping it at a safe height for your little ones with a simple turn of the latch.

4. Unobstructed Views, Stay Free
The recent introduction of Ziptrak(R) PanoView(R) blinds, which stretches up to 6m wide without requiring a post in between for support, also allows for a super wide un-obstructed viewing pleasure of Singapore's morning sunrise and night-time city lights. Being able to maneuverer around limitations posed by elevators and stairwells in high-rise developments, Ziptrak PanoView blinds eradicates the need for support posts, giving rise to an unobstructed view beyond.

Ziptrak is exclusively distributed in Singapore and Malaysia by its official distributor, DuraBlinds Trading Pte. Ltd., since August 2017, and is only available at authorised retailers. Please visit https://www.sg.ziptrak.com/ for more information.

Authorised Retailers
– Fabrik Etc Pte Ltd
– The Curtain Boutique
– J & S Design
– Softhome Pte Ltd
– Lee Curtain House Pte Ltd
– Ricco Curtain Design
– H M Gallery Pte ltd
– Le Showplace Pte Ltd
– Recherche Interior Pte Ltd
– Light-Pro Furnishings Pte Ltd
– ClimaShield Solutions Pte Ltd
– Omni Interior Pte Ltd

About Ziptrak Pty Ltd, https://www.sg.ziptrak.com/en/

Ziptrak Pty Ltd is a 100% Australian owned and operated company that designs, develops and manufactures track-guided blind products.

With 30 years of experience, Tony de Maaijer is the original inventor of the track guided outdoor blind, Ziptrak; a spring-balanced or motorized track guided blind system providing UV, sun, wind, rain and insect protection. We proudly supply a product that allows people to enjoy the natural environment that surrounds their home, creating a seamless integration between indoor and outdoor living, with a controlled environment in which to indulge with family and friends. The Ziptrak(R) brand is a registered trademark and the blind system is protected under multiple patents.

With 20 years in the industry, Ziptrak is a leading brand of choice among consumers, retailers and fabricators. We lead our market segment through constant innovation and technological advancements in our manufacturing processes. Our headquarters is in South Australia, with distribution Australia-wide and internationally through a trusted network of other dedicated companies.

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Ziptrak Original Track-guided Blinds System Resolves Top Pain Points for over 4,500 Singaporean Homes and Businesses

SINGAPORE, Nov 3, 2020 – (ACN Newswire) – Ziptrak®, the original patented track-guided blinds system, has been making balcony and semi-outdoor spaces in Singapore more usable, protecting homes and businesses from sun glare, rain, noise, UV radiation and heat. To date, it has been installed in over 4,500 residences and commercial spaces with a proven track record of durability, where less than one percent of units installed required full replacements.

1. QUALITY – Every component is selected for its strength and durability; with a 2m by 2m blind being able to withstand a static load equivalent to wind speeds of 260km/hr. For a product that needs to withstand scorching sun, lashing winds and fierce rain, only the strongest and most durable, rust-free components are, and should be, used.

2. EXPERIENCE – With over 20 years of customer insights and feedback, Ziptrak is able to adapt and curate features that perform outstandingly in today’s conditions, such as the RainOut fabric range, PestOut® Pelmet and Child Safety Latch which were introduced specifically to address concerns and pain points of the Singapore market.

3. INNOVATION – Ziptrak also patented the revolutionary manual SuperSpring® system, built with the elderly in mind, and known for its ease of movement without the need for cords, cranks or even motors.

Customised Features for Residences in Singapore

With Singapore being its largest market in Southeast Asia, the creators of Ziptrak came up with a unique series of features catered specifically to address the concerns of local homeowners.

1. Rain Out, Stay Dry
Stay dry from the 168 thunderstorm days that Singapore experiences each year with the 100% waterproof RainOut Fabric range, which features a fiberglass laminated weave to keep your balcony dry.

2. Pest Out, Stay Clean
Our PestOut Pelmet also keeps the pelmet pest-free and also helps to rid the fabric of dust with a sweeping motion every time the blinds are drawn up.

3. Child Lock, Stay Safe
As a preventive feature exclusively for Singapore’s many high-rise buildings, the manual Ziptrak® SuperSpring® blinds come with the option of a Child Safety Latch, which prevents the blinds from being lifted beyond railing height when deployed, keeping it at a safe height for your little ones with a simple turn of the latch.

4. Unobstructed Views, Stay Free
The recent introduction of Ziptrak® PanoView® blinds, which stretches up to 6m wide without requiring a post in between for support, also allows for a super wide un-obstructed viewing pleasure of Singapore’s morning sunrise and night-time city lights. Being able to maneuverer around limitations posed by elevators and stairwells in high-rise developments, Ziptrak PanoView blinds eradicates the need for support posts, giving rise to an unobstructed view beyond.

Ziptrak is exclusively distributed in Singapore and Malaysia since August 2017 by official distributor DuraBlinds Trading Pte. Ltd., and is only available at authorised retailers. Please visit https://www.sg.ziptrak.com for more information.

Authorised Retailers

Fabrik Etc Pte Ltd
The Curtain Boutique
J & S Design
Softhome Pte Ltd
Lee Curtain House Pte Ltd
Ricco Curtain Design
H M Gallery Pte ltd
Le Showplace Pte Ltd
Recherche Interior Pte Ltd
Light-Pro Furnishings Pte Ltd
ClimaShield Solutions Pte Ltd
Omni Interior Pte Ltd

About Ziptrak® Pty Ltd, https://www.sg.ziptrak.com/en/

Ziptrak® Pty Ltd is a 100% Australian owned and operated company that designs, develops and manufactures track-guided blind products.

With 30 years of experience, Tony de Maaijer is the original inventor of the track guided outdoor blind, Ziptrak; a spring-balanced or motorized track guided blind system providing UV, sun, wind, rain and insect protection. We proudly supply a product that allows people to enjoy the natural environment that surrounds their home, creating a seamless integration between indoor and outdoor living, with a controlled environment in which to indulge with family and friends. The Ziptrak brand is a registered trademark and the blind system is protected under multiple patents.

With 20 years in the industry, Ziptrak is a leading brand of choice among consumers, retailers and fabricators. We lead our market segment through constant innovation and technological advancements in our manufacturing processes. Our headquarters is in South Australia, with distribution Australia-wide and internationally through a trusted network of other dedicated companies.

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Dusit International to manage its first Dusit Thani hotel in Kyoto, Japan

BANGKOK, Nov 2, 2020 – (ACN Newswire) – Dusit International, one of Thailand's leading hotel and property development companies, has signed a hotel management agreement with Yasuda Real Estate Co., Ltd., a community-focused property developer based in Tokyo, to operate the luxury Dusit Thani Kyoto – its first Dusit-branded hotel in Japan.

Dusit Thani Kyoto is designed to blend seamlessly with its traditional surrounds in the heart of the city

Signed through D&J Co., Ltd., a subsidiary of Dusit International based in Tokyo, the historic deal reflects Dusit's commitment to sustainable expansion by bringing long-term value to its local communities through creating jobs, contributing to the economy, and encouraging responsible tourism.

Located in the heart of the city, only 850 metres from Kyoto Station in the Honganji Monzen-machi district, the new property will comprise approximately 150 rooms set over four floors. Facilities will include a Thai-themed all-day dining restaurant, a Japanese specialty restaurant, a lobby lounge and bar, function rooms, a health club equipped for fitness, and wellness facilities.

Guests will enjoy easy access to nearby attractions such as Higashi Honganji Temple, Nishi Honganji Temple (a UNESCO World Heritage Site), Kyoto Tower, and Kyoto Aquarium. Gion, the city's most famous Geisha district, is only 10 minutes away by train, while Nishiki Market, a lively shopping and dining street known as 'Kyoto's Kitchen,' can be reached in 15 minutes.

In 2019, some 87.91 million people visited Kyoto, an increase of 2.86 million on 2018. While international tourism is currently paused in line with travel restrictions to prevent the spread of COVID-19, Dusit's management expects the city will quickly regain its status as a major tourism hub when people are free to visit Japan once again.

"We are delighted and honoured to have the opportunity to work with Yasuda Real Estate Co., Ltd. to bring our unique brand of Thai-inspired gracious hospitality to Japan for the first time," said Ms Suphajee Suthumpun, Group CEO, Dusit International. "Continuing our strategy for sustainable expansion, the signing of Dusit Thani Kyoto serves as a major milestone for our company. It also highlights our confidence in the strength and resilience of Japan's travel market and its ability to bounce back strong after all the current challenges. Kyoto is a wonderful destination, rich in history, heritage, and culture, and we look forward to embracing this in our operations while doing our utmost to deliver long-term value for all stakeholders."

Mr Masahiro Nakagawa, President, Yasuda Real Estate Co., Ltd., said, "Our company prides itself on developing projects which not only celebrate cultural and natural heritage, but which are also positioned to deliver social and economic value far into the future. With a locally inspired design and unique blend of Thai and Japanese hospitality traditions, Dusit Thani Kyoto will be ideally positioned to deliver a truly distinctive stay experience in the heart of the city. We are delighted to partner with Dusit for this very special project."

Dusit International's property portfolio now comprises 339 properties operating under six brands across 14 countries. In Japan, the company already has a presence through Elite Havens, the leading provider of high-end vacation rentals in Asia, which manages a collection of ski chalets in Niseko.

About Dusit International

Established in 1948, Dusit International is a leading hospitality group listed on the Stock Exchange of Thailand. Building on its two core areas of business – Hotels & Resorts and Hospitality Education – the company has expanded its operations over the past four years to comprise five business units. The additional units include Foods, Property Development, and Hospitality-Related Services. Today, the company's property portfolio comprises more than 300 distinctive hotels, resorts and luxury villas operating under six brands across 14 countries worldwide, as well as two leading hospitality colleges with campuses in Thailand and the Philippines. Following a three-pronged strategy for sustainable growth, including balance, expansion and diversification, the company has recently expanded into food production, on-demand hospitality services, and property development to reach new markets and add further recurring streams of revenue to the company. For more information, please visit www.dusit-international.com

Official photos of Dusit Hotels & Resorts can be downloaded at medialib.dusit.com

About Yasuda Real Estate Co., Ltd.

Yasuda Real Estate was established in 1950 by inheriting the residual assets from Yasuda Hozen-sha Company which was at the core of the former Yasuda Zaibatsu (Conglomerate). Yasuda has continued office development and rental business in central Tokyo as its core business while expanding redevelopment business and housing business in accordance with the demands of the times.

Yasuda upholds the belief "Customers first," which was promoted by its founder Zenjiro Yasuda, and prides itself in being a comprehensive real estate company that contributes to society by creating value.

Media Contact:
Sureerat Sudpairak | Director of Marketing Communications | Dusit International
Tel: +66 (0) 2200 9999 ext. 3321 | Mobile +66 (0) 89 006 8697 | Email: sureerat.sp@dusit.com

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com