(Hong Kong, 24 June 2020) – Chuang’s China Investments Limited (“Chuang’s China” or “the Group”) (HKEX: 298) announced its annual results for the year ended 31 March 2020 (“the Period under Review”).  

During the Period under Review, the Group was affected by the downturn in the macro-economy, recording revenue decreased by 11.2% to HK$177.5 million (2019: HK$199.8 million) during the year. The net asset value attributable to equity holders of the Company amounted to HK$3,769.7 million and the net asset value per share amounted to HK$1.60.

During the Period under Review, the pre-sales of The Esplanade, the Group’s boutique residential project in Tuen Mun, achieved satisfactory results. A total of 364 residential units which is 98% of the residential units, and 3 car parking spaces, were pre-sold at aggregate amount of about HK$1,641.5 million. The construction of the project was completed and the occupation permit was obtained in January 2020. The handover of the flats to the end-buyers is expected in the third quarter of 2020.

In addition, the disposal of the office property in 10 Fenchurch Street, London UK (100% owned) was approved by shareholders and this will improve and strengthen the net cash position of the Group. As at 31 March 2020, the property was recorded at valuation of GBP96.5 million (equivalent to approximately HK$926.4 million). As announced on 3 May 2020, the Group entered into a sale and purchase agreement to dispose of this investment property to an independent third party at a consideration of about GBP94.2 million (equivalent to approximately HK$909.2 million), subject to adjustment, and the completion of the disposal is expected to be around the end of August 2020.

Mr. Albert Chuang Ka Pun, Chairman of Chuang’s China, stated “The global political and economic uncertainty, coupled with the effect of the Covid-19 pandemic continue to disrupt business prospects and confidence of investors. However, the Group believes the PRC will continue to promote structural economic transformation and maintain stable growth. The Guangdong-Hong Kong-Macao Greater Bay Area and Belt and Road Initiative will be the growth drivers for the PRC and create business opportunities for Hong Kong. In addition, the financial position of the Group would be greatly enhanced following the completion of the disposal of the property in London. Going forward, the Group will explore new development projects and investments properties to expand its scope of business and investment portfolio at an opportune time.”