Press Room Categories: Press Release

(Hong Kong, 19 December 2017) – Chuang’s Consortium International Limited (“Chuang’s Consortium” or “the Group”) (HKSE: 0367) is pleased to announce that it has won the tender for the Reclamation Street / Shantung Street Project as tendered by the Urban Renewal Authority (“URA”) in partnership with Sino Land Company Limited (“Sino Land”) (HKSE: 0083).

The Group’s management is delighted to express, “We are excited about the opportunities that lie ahead for this project, and will work closely with Sino Land and the URA to develop quality residential property.”

The site is well located in the heart of the Mongkok district, neighbouring Langham Place. It covers an area of approximately 1,389 square metres. Upon completion, it is expected to provide a total residential gross floor area of about 10,424 square metres and 2,085 square metres of commercial gross floor area.

The acquisition will further broaden Chuang’s Consortium’s project portfolio, and fit into the vision of the Group in Hong Kong.

(Hong Kong, 28 June 2018) – Chuang’s Consortium International Limited (“Chuang’s Consortium” or “the Group”) (HKSE: 0367) announced its annual results for the year ended 31 March 2018 (“the Year under Review”). During the Year under Review, the Group’s profit attributable to equity holders of the company increased to HK$1.30 billion (2017: HK$1.26 billion). Earnings per share amounted to 77.39 HK cents (2017: 75.19 HK cents). The board proposed a final dividend of 5.0 HK cents (2017: 3.0 HK cents) per share. Total dividend per share for the year was 8.0 HK cents (2017: 8.0 HK cents, including a special dividend of 2.0 HK cents). The dividend yield was about 5%.

During the Year under Review, the Group implemented and completed the following strategic moves to replenish our land bank, laying pathway for the future prosperity of the Group:

1. The Group completed the acquisition of Posco Building in Sham Shui Po. The property has a site area of about 3,920 sq. ft. and a total GFA of about 47,258 sq. ft.. The Group has obtained the permission to convert the industrial use portion to office use, and further studies on other technical aspects of such conversion are in progress. Meanwhile, the Group is also evaluating the feasibility to redevelop the property into a commercial/residential property with a total GFA of about 35,280 sq. ft..
   
2. The Group has successfully acquired full ownership of No. 20 Gage Street, and about 83% and 81% ownership of No. 16 and No. 18 Gage Street in Central respectively. The Group is taking steps to acquire the remaining units within the development. The project has a total site area of about 3,600 sq. ft. and it is currently planned that a commercial/residential building with GFA of about 36,000 sq. ft. will be developed. In parallel, developing the property to an office building is also under consideration as there is strong demand for such kind of usage nearby.
   
3. Through a joint venture, the Group participated in a development project at Reclamation Street in Mongkok. The site is well located in the heart of the Mongkok district, neighbouring Langham Place. It covers a site area of approximately 14,900 sq. ft. and it will provide residential GFA of about 112,200 sq. ft. upon completion.

Mr. Albert Chuang Ka Pun, Vice Chairman of Chuang’s Consortium, stated “Chuang’s Consortium achieved a great success in its annual results and also implemented a number of strategic moves during the year that further strengthened the Group’s foundation. Looking forward, the Group will continue to take steps to further enhance rental yield and return of our investment and hotel properties, speed up the development of various projects and identify new business opportunities including land acquisitions and property investments, with a view to continue to create value for our shareholders.”

(Hong Kong, 27 June 2019) – Chuang’s Consortium International Limited (“Chuang’s Consortium” or “the Group”) (HKSE: 0367) announced its annual results for the year ended 31 March 2019 (“the Year under Review”).

During the Year under Review, the Group’s profit attributable to equity holders of the Company amounted to HK$1,226.6 million (2018: HK$1,297.1 million). Earnings per share amounted to 73.34 HK cents (2018: 77.39 HK cents). Financial position of the Group was further strengthened with total cash resources (including investments held for trading) of HK$5.6 billion (2018: HK$3.9 billion), representing a year-on-year jump of 44%. Net debt to equity ratio improved from 22.3% to 13.8%.

The board proposed a final dividend of 6.5 HK cents (2018: 5.0 HK cents) per share, making the total dividend for the year to be 10.0 HK cents (2018: 8.0 HK cents) per share, representing an increase of 25% over that of the last year.

During the Year under Review, the Group has successfully completed the disposal of No. 15 Gough Hill Road, The Peak, Hong Kong and received the remaining sale proceeds of about HK$980 million in cash and recorded a further net gain of HK$461.2 million. Furthermore, pre-sale of The Esplanade in Tuen Mun, Hong Kong has commenced in October 2018 with satisfactory results. Out of the total 371 residential units, 352 residential units have been pre-sold with aggregate sales value of about HK$1,571.1 million, and approximately HK$461.4 million sales deposits have been received.

In addition, the Group has submitted the application for the compulsory acquisition of No. 16 and No. 18 Gage Street in March 2019. In parallel, the Group has successfully acquired some more units by private treaty after such application, making the current ownership to be 88.9% and 87.5% for No. 16 and No. 18 Gage Street respectively, pushing ahead the whole site acquisition.

Mr. Albert Chuang Ka Pun, Vice Chairman of Chuang’s Consortium, stated “Going forward, we will speed up the acquisitions of the remaining units of Gage Street in order to kick off the redevelopment. Renovation and upgrading works are carrying out at our major investment properties in order to keep on improving rental yield and return and thus their capital values. Furthermore, we will continue to identify new business opportunities including land acquisitions and property investments. We are confident that, with the implementation of the above strategies, further value can be created for our shareholders.”

Results Highlights:

• The Group recorded an annual profit of HK$1.26 billion, representing a substantial increase of 1.1 times
• The board proposed a final dividend of 3.0 HK cents per share and a special dividend of 2.0 HK cents per share. Total dividend per share increased by about 60% to 8.0 HK cents. The dividend yield was 4.3%.

(Hong Kong, 29 June 2017) – Chuang’s Consortium International Limited (“Chuang’s Consortium” or “the Group”) (HKSE: 0367) announced its annual results for the year ended 31 March 2017 (“the Year under Review”). During the Year under Review, the Group’s profit attributable to equity holders of the Company recorded a substantial increase of 1.1 times to HK$1.26 billion (2016: HK$598 million). Earnings per share amounted to 75.19 HK cents (2016: 34.51 HK cents).The board proposed a final dividend of 3.0 HK cents per share and a special dividend of 2.0 HK cents per share. Total dividend per share increased by about 60% to 8.0 HK cents. The dividend yield was 4.3%.

Captured market opportunities to realize investment returns

During the Year under Review, Chuang’s Consortium successfully captured the rising trend of the prestigious residential property market in Hong Kong by entering into an agreement to dispose of the property investment project located at Gough Hill Road, The Peak for HK$2.1 billion. The transaction represented a record high in Hong Kong in terms of the monetary amount per square foot. The transaction is expected to be completed in the third quarter of 2018, and will generate an aggregate net gain of over HK$1 billion to the Group. Meanwhile, the Group also grasped the opportunity in the People’s Republic of China (“the PRC”) booming property market and completed the disposal of the property development project at Dongguan, the PRC, for RMB1.3 billion (equivalent to approximately HK$1.5 billion), which generated a net gain of about HK$1.2 billion (before deducting non-controlling interests) to the Group.

Expanded investment portfolio through tapping into London market and increasing land bank in Hong Kong  

In late 2016, the Group acquired an office building at the prime location of City of London, United Kingdom, at a net consideration of approximately GBP79 million (equivalent to approximately HK$764 million). London, being one of the world’s leading financial marketplaces, is well sought-after by global investors for its market liquidity and transparency. The Group believes that the acquisition of this prime office property will provide a steady rental income stream as well as potential increase in capital value over time. Furthermore, realizing the thriving property market in Hong Kong, the Group entered into an agreement in April 2017 to acquire Posco Building at Sham Shui Po, Kowloon, at the consideration of HK$301 million. The acquisition is expected to increase the recurrent rental income and enhance the land bank of the Group.

Mr. Albert Chuang Ka Pun, Joint Managing Director of Chuang’s Consortium, stated “Chuang’s Consortium achieved a great success in its annual results and also implemented a number of strategic moves in the year that further strengthened the Group’s financial position and foundation. Looking forward, the Group will actively improve rental yield of the investment properties and speed up the development of projects located at Po Shan Road and Tuen Mun in Hong Kong, Chuang’s Mid-town in Anshan, the PRC, and International Finance Centre and sáv Residence in Mongolia. The Group is confident that with the completion of the above development projects, further value can be created for the shareholders.”

(Hong Kong, 27 November 2020) – Chuang’s Consortium International Limited (“Chuang’s Consortium” or “the Group”) (HKSE: 0367) announced its interim results for the six months ended 30 September 2020 (“the Period under Review”).

During the Period under Review, revenues of the Group increased by 5.5 times to HK$1,847 million (2019: HK$286 million). The Group’s profit attributable to equity holders of the Company increased by 53.8% to HK$49 million (2019: HK$32 million), which was principally attributable to the recognition of revenues and profit for the sales of The Esplanade in Tuen Mun, Hong Kong during the Period. Financial position was strengthened with total cash resources (including investments held for trading) of HK$5.6 billion (2019: HK$5.0 billion). Net debt to equity ratio of the Group improved from 19.2% to 10.8%. The board declared an interim dividend of 1.5 HK cents (2019: 1.5 HK cents) per share.

For the Esplanade in Tuen Mun, upon the issuance of the certificate of compliance, 358 residential units (out of the pre-sold 366 units) have been handed-over to end-buyers during the Period under Review. The Group will continue to market the remaining unsold 5 residential units and carparking spaces, as well as the commercial units in the commercial podium in order to generate more income to the Group.

In addition, the Group has successfully completed the disposal of the investment property in the United Kingdom for approximately GBP93.8 million (equivalent to approximately HK$971.5 million). The disposal has greatly strengthened the Group’s overall financial position.

For the redevelopment project at Gage Street, the Group has unified the ownership of Nos. 16-20 Gage Street and successfully consolidated this project with a total site area of about 3,600 sq. ft.. Hoarding and demolition works have been commenced which will be completed in the first half of 2021.

Mr. Albert Chuang Ka Pun, Chairman and Managing Director of Chuang’s Consortium, stated “Going forward, we will continue to push forward the construction works of the projects at Gage Street, Po Shan Road, Mongkok and Ap Lei Chau, and pursue the commencement of the pre-sale of the Mongkok joint venture project. Moreover, we will also review and monitor the tenant status and tenant mix of our investment properties from time to time. We are confident that, with the implementation of the above strategies, the Group’s financial position as well as the net debt to equity ratio will be improved.”

(Hong Kong, 29 November 2017) – Chuang’s Consortium International Limited (“Chuang’s Consortium” or “the Group”) (HKSE: 0367) announced its unaudited interim results for the six months ended 30 September 2017 (“the Period under Review”). During the Period under Review, the Group’s profit attributable to equity holders of the Company recorded an increase of 23% to HK$496 million (2016: HK$403 million). Earnings per share amounted to 29.60 HK cents (2016: 23.88 HK cents). The board declared an interim dividend of 3.0 HK cents per share.

During the Period under Review, the Group completed the acquisition of Posco Building in Sham Shui Po, Kowloon. Currently, Posco Building is for commercial and industrial use and the Group has obtained the permission to convert the industrial use portion to office use. It is believed that the rental yield and capital value of Posco Building will be further enhanced after such conversion. 

Furthermore, the Group announced that it has successfully acquired full ownership of No. 20 Gage Street, and about 83% and 81% ownership of No. 16 and No. 18 Gage Street respectively in Central, Hong Kong. The Group will take steps to acquire the remaining units within the development. With the prime location at Central, the Group is optimistic about the prospect of this project.

Mr. Albert Chuang Ka Pun, Vice Chairman of Chuang’s Consortium, stated “Chuang’s Consortium has actively replenished its land bank during the Period under Review for future development. Looking forward, the Group will continue to take steps to further enhance rental yield and return of its investment and hotel properties, speed up the development of various projects and identify new business opportunities including land acquisitions and property investments, with a view to continue to create value for our shareholders.”

(Hong Kong, 29 June 2020) – Chuang’s Consortium International Limited (“Chuang’s Consortium” or “the Group”) (HKSE: 0367) announced its annual results for the year ended 31 March 2020 (“the Year under Review”).

With the ongoing Sino-US trade war and the social unrest in Hong Kong since 2019, together with the COVID-19 pandemic, the annual results of the Group for the year ended 31 March 2020 have been adversely affected. During the Year under Review, the Group’s loss attributable to equity holders of the Company amounted to HK$705.1 million (2019: profit attributable to equity holders of the Company was HK$1,226.6 million), in which about HK$458.1 million was the fair value loss of investment properties.

Despite the loss, the Group has achieved satisfactory performance for some projects in the Year under Review. For the sale of The Esplanade, 364 units have been presold out of the total 371 residential units, with only 7 units left. All residential units have been presold at an average price close to HK$17,000 per sq.ft. The aggregate sales value of the presold residential units and 3 carparking spaces amounted to about HK$1,641.5 million, and approximately HK$1,552.5 million sales deposits have been received.

The construction works of The Esplanade have been completed with occupation permit obtained in January 2020, and it is now close to the final stage to obtain the certificate of compliance in order to handover the units to end-users for completion.

For the redevelopment project at Gage Street, the Group has already acquired full ownership of No.20 Gage Street, and about 94.4% and 87.5% ownership of No.16 and No.18 Gage Street respectively, and with remaining 3 units to be acquired. The application for the compulsory acquisition of Nos. 16-18 Gage Street had been made in March 2019 and was approved in May 2020, and auction will be carried out in mid-July 2020. It is expected that the whole process of the compulsory acquisition will be completed within the financial year ending 31 March 2021.

In addition, the Group has successfully entered into an agreement to realize the investment property in the United Kingdom for approximately HK$909.2 million. The transaction is expected to be completed around the end of August 2020. The disposal represented a good opportunity for the Group to unlock asset value and enhance its cash position and deployment of resources.  

Mr. Albert Chuang Ka Pun, Chairman and Managing Director of Chuang’s Consortium, stated “Going forward, we will closely monitor the progress for the completion of the disposal of the UK investment property and collect the remaining sale proceeds. Meanwhile, we will continue to monitor the progress of the construction works of various projects, especially for the issuance of the certificate of compliance of The Esplanade, and constantly review and monitor the tenant status and tenant mix of our investment projects, in particular under the current market environment so as to preserve the Group’s competitiveness.”

(Hong Kong, 28 November 2019) – Chuang’s Consortium International Limited (“Chuang’s Consortium” or “the Group”) (HKSE: 0367) announced its unaudited interim results for the six months ended 30 September 2019 (“the Period under Review”). The ongoing Sino-US trade war and the recent social unrest have created uncertainties and have a negative impact on Hong Kong economy. The financial performance of the Group for the Period under Review had also been affected by these factors. During the Period under Review, the Group recorded revenues of HK$286 million (2018: HK$318 million). The Group’s profit attributable to equity holders of the Company amounted to HK$32 million (2018: HK$507 million). Earnings per share amounted to 1.91 HK cents (2018: 30.34 HK cents). The board declared an interim dividend of 1.5 HK cents (2018: 3.5 HK cents) per share.

During the Period under Review, pre-sale of The Esplanade in Tuen Mun, Hong Kong is progressing with satisfactory results. Out of the total 371 residential units, 361 units have been pre-sold with aggregate sales value amounted to about HK$1,618 million at the average price close to HK$17,000 per sq. ft., and approximately HK$1,504 million sales deposits have been received.

The construction of The Esplanade is progressing satisfactorily as scheduled. Application for the occupation permit has just been submitted and the occupation permit is expected to be obtained within the coming two months. It will be closely followed by the application of the certificate of compliance, and handover of the units to the end-buyers is targeted to be in July 2020.

For Mongkok joint venture project, the development is proceeding as scheduled. General building plans had been submitted to the relevant authorities for approval. Site formation and foundation works are in progress and are expected to be completed in the first half of 2020. It is expected that pre-sale of this project will be commenced in the second half of 2020 upon the grant of the pre-sale consent by the relevant authorities.

Mr. Albert Chuang Ka Pun, Chairman and Managing Director of Chuang’s Consortium, stated “Going forward, we will speed up to complete the construction of various projects so that we can sell/handover the properties to generate income and cash flow. We will continue to take steps to further enhance rental yield and return of our investment/hotel properties and thus their capital values by constantly reviewing the tenant mix and upgrading the properties. Furthermore, we will continue to identify new business opportunities including land acquisitions and property investments. We are confident that, with the implementation of the above strategies, further value can be created for our shareholders.”