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Tuesday, 30 August 2016, 08:25 HKT/SGT
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Greenland Hong Kong Announces 2016 Interim Results and Total Revenue Grew by 456% YoY
Promoting Real Estate Development, Internet Financing and Real Estate Fund Business Comprehensively

HONG KONG, Aug 30, 2016 - (ACN Newswire) - Greenland Hong Kong Holdings Limited ("Greenland Hong Kong" or the "Company", stock code: 337.HK), a subsidiary of Greenland Holdings Corporation Limited ("Greenland Holdings"), which is a leading global real estate company, today announced its unaudited interim results for the period ended 30 June 2016 (the "period under review"). For the period under review, the Company recorded a total revenue of approximately RMB5,232 million, an increase of 456% approximately year-on-year. Net profit attributable to owners of the Company was approximately RMB101 million, with a year-on-year growth of 15%.

Business Highlights(As of 30 June 2016)
- Total revenue was approximately RMB5,232 million, an increase of 456% year-on-year
- Contracted sales reached approximately RMB9,161 million, an increase of 30% year-on-year
- In May, the Company and Cinda Hong Kong jointly established an equity investment partnership to invest in real estate projects by funds subscription and issuance
- In July, the Company issued senior perpetual capital securities of US$120 million and 3.875% notes due 2019 of US$450 million
- In August, the Company entered into a strategic cooperation agreement with Guangxi Railway Investment Group Co., Ltd to establish the City Development Fund
- "Greenland Guangcai", which was developed by Greenland Financial Services, launched and promoted wealth investment products that totaled RMB3,612 million. The number of registered users of this platform breached 500,000, with turnover totaled over RMB10 billion
- As of Jun 30 2016, the Company held a land bank of approximately 14.206 million square meters

Mr. Chen Jun, Chairman of the board of Directors and Chief Executive Officer of Greenland Hong Kong, said, "Greenland Hong Kong will enhance core competitiveness of real estate major business comprehensively. Meanwhile, the Company will progressively explore and push forward three businesses -- real estate development, internet financing and real estate fund simultaneously, building an industry conglomerate."

Enhancing competitiveness of real estate major business and leading the market position of products

Leveraging on the advantage of the monumental scale and the brand reputation of its parent company, Greenland Holdings, as well as the precise positioning and flexible pricing strategies of the Greenland Hong Kong's high-end projects, the Company achieved total contracted sales of approximately RMB9,161 million, with a year-on-year growth of approximately 30%.

During the period under review, the bulk of contracted sales derived from projects in Yangtze River Delta region including those in Jiangsu, Zhejiang and Shanghai, which accounted for 35%, 17% and 14% of the total contracted sales respectively. In 2016, the Company has newly launched Jiangnan Huafu, Greenland Huangpu Center and Harbour City. Benefitting from strong brand influence and precise positioning, those projects were well-received by the market, ranking No.1 in Jiangsu and Shanghai in terms of sales.

Other projects included those in Guangxi and Hainan, accounting for 16% and 11% of the total contracted sales respectively. Ever since the establishment of Greenland Hong Kong, the Company endeavored to develop Guangxi market. After three-year cultivation, the Company has established the overall development layout of emphasis on major cities with multiple projects. The Company has invested RMB16 billion in four projects in Nanning, becoming top three regarding to brand influence in the city with the Greenland Central Plaza ranking No.1 in terms of sales in the first half of 2016.

In May 2016, the Company successfully bid a land lot located in Wujiang, Suzhou City, at a cost of approximately RMB1,523 million, which will be built into a high-end residential community. As of 30 June 216, the Company's land bank stored approximately 14.206 million square meters of lands, strategically located in the prime zones of major cities in the Yangtze River Delta and coastal areas of South China, which is sufficient to support its development in the next 3 to 5 years.

Looking forward, Greenland Hong Kong will be operating efficiency oriented and continue to deeply take root in major regions and cities such as South Jiangsu, Guangxi, Shanghai, Yunnan, etc. The Company will expand new projects through multiple channels, increase the land bank for residential purpose, and strive for launching more competitive products.

Making profit for internet financing business in the first year with turnover totaled over RMB10 billion

Based on diversified industry development direction of Greenland Group, Greenland Hong Kong established Shanghai Greenland Financial Information Services Co., Ltd ("Greenland Financial Services") by leveraging on the advantages of Greenland Holdings real estate major business. Greenland Financial Services entered the market with internet real estate financing as entry point and endeavors to provide comprehensive finance service with key competitiveness.

Established for just more than one year, Greenland Financial Services has made significant progress in internet financing business. It built a development landscape with three core businesses -- online wealth management, asset management and data information services, and made profit for the first year.

As to platform development, in the first half year of 2016, the mobile internet financing platform app "Greenland Guangcai", which was developed by Greenland Financial Services, launched and promoted wealth investment products that totaled RMB3,612 million. The number of registered users of this platform breached 500,000, with turnover totaled over RMB10 billion. Benefiting from stringent risk control, "Greenland Guangcai" has been free of penalty for breach of contract, bad debt or deferred payment since it started operation in last August.

Concerning product release, based on the existing products like "Dichangbao", "Rongtongbao" and "Zhiyebao", "Greenland Guangcai" innovated continuously and introduced new products such as "Zhishubao", "Jiejiegao" and "Kualexilie", which were well accepted by the market. As of 30 June 2016, the average amount of investment by registered users on "Greenland Guangcai" reached RMB150,000.

In relation to corporation with business partners, in addition to further solidifying its collaboration with Qihoo 360 on "Your Wealth Platform", Greenland Financial Services also seized more opportunities of collaborations with cross-industrial partners, including Greenland Auto and G-super. Currently, it has more than 40 collaborative partners. Furthermore, Greenland Financial Services is managing RMB5,706 million worth of assets, among which the stock assets account for RMB5,359 million.

Looking into the future, Greenland Financial Services will focus on the internet real estate financing, continuously optimize online wealth management platform, and refresh and enrich the product line; accelerate the expansion of assets management with the guarantee of safety and stability; exploit the advantage of technological superiority and rely on abundant customer resources of Greenland Group to actively expand technological data services.

Growing scale of real estate fund and establishing financing model

In 2016, Greenland Hong Kong achieved remarkable results in exploring light assets operation through real estate fund. In May 2016, the Company and Cinda Hong Kong as co-GPs, jointly established an equity investment partnership (limited partnership) ("the Fund"). The first installment of the Fund was RMB20 billion. In August, Greenland Hong Kong entered into a strategic cooperation agreement with Guangxi Railway Investment Group Co., Ltd and will establish the Billion City Development Fund to jointly develop urbanization construction projects in Guangxi.

Besides, on 21 July 2016, the Company issued a subscription agreement with Credit Suisse, HSBC, China Merchants Securities (Hong Kong), Haitong International and UBS, on the issuance of 3.875% notes due 2019 in the aggregate principal amount of US$450 million. The deal created the lowest record of note interest in Chinese public offering coupon bond, setting a milestone for Greenland Hong Kong in the capital market financing. On 20 July 2016, Greenland Hong Kong issued US$120 million of senior perpetual capital securities with a lower financing cost among the same credit level. The Company has raised US$570 million in total through the issuance of notes and senior perpetual capital securities which will be used for the return of US$700 million bonds due in October this year. The difference will be complemented with the own fund of the Company.

Looking ahead, Greenland Hong Kong will continue to enhance corporate core competitiveness, while insisting on carrying out the development landscape of advancing three businesses -- real estate development, internet financing and real estate fund simultaneously, On the one hand, the Company will boost profitability via "product and service", and optimize the structure of land bank according to demands so as to launch a full range of quality products. On the other hand, as to internet financing, the Company will continue to promote existing products and accelerate asset management, building a solid foundation for a leapfrog development next year. Meanwhile, the Company will take advantage of its technological strengths and affluent customer resources from Greenland Group, to form a big data platform, match up with real estate business to accomplish O2O data integration and precise marketing, and actively explore and prepare solution including Cloud platform technology output. Moreover, Greenland Hong Kong will insist on the principle of development of light assets operation and rapid growth, progressively explore the application model of real estate fund, maintain rational structure of corporate assets and healthy cash flow, and advance towards industry conglomerate.

Greenland Hong Kong Holdings Limited
Greenland Hong Kong Holdings Limited (Stock Code: 337.HK) is the subsidiary of Greenland Group, a Fortune Global 500 company.

Greenland Holding Limited ("Greenland Holdings", Stock Code: 600606) is a large state-owned mega enterprise under the management of the State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government. Founded on July 18, 1992, the company was headquartered in Shanghai, China.

For a development history of 24 years, Greenland Group has created the diversified development pattern of "focusing on the development of real estate market and placing an equal stress on the emerging sectors like Big Infrastructure, Big Finance and Big Consumption", and implemented the strategy of capitalized, popularized and internationalized development. Greenland Group has secured its market presence across over 80 domestic cities including Beijing, Shanghai and Guangzhou, and across 12 cities of nine countries including the United States, Britain, Germany, Australia, Canada, South Korea, Thailand and Malaysia. Now Greenland Group has got listed at China Mainland's A-share market (600606.SH) and partially listed at Hong Kong's H-share market (00337.HK 01365.HK), building a capital platform which integrates domestic and overseas resources into one whole. Greenland Group ranked the 311th place in 2016 Fortune Global 500.

With the overall listing as a good opportunity, Greenland Group will fully utilize the function of capital market and grow into a China-based multinational enterprise with outstanding principal operation, diversified development, global presence, industry-finance combination, and leadership in multiple sectors like real estate, finance and subway, working hard to transform from "China's Greenland" to the "World's Greenland". As Greenland Group's international capital operation channel and brand display window, Greenland Hong Kong will boost the innovation, transformation and upgrading of capital platform and industry when Greenland Group's overall strategy is treated as the guideline to offer the vigorous supports for the company's sustainable development.

When further exploring the real estate market, Greenland Hong Kong spares no effort to push forward the "Big Finance" strategy by establishing Greenland Financial Information Services Limited ("Greenland Financial Services") in Shanghai. By leveraging big data, cloud platform and mobile internet, Greenland Financial Services pumps much efforts into the vertical field of real estate market, adopts the innovation of services and products as the guiding principle, and works hard to build the Internet platform which covers wealth management and investment, social finance and community finance, so that Greenland Group can create an internet-based financial eco-system.

Based on Greenland Group's mature brand image, abundant resources, large-scale system, advanced management level and passionate corporate culture, Greenland Hong Kong will comprehensively integrate all the existing resources, fully utilize the advantages of capital platform in Hong Kong, and actively carry out its first five-year plan, i.e., striving to grow into the real estate pacesetter at Hong Kong's capital market.



Aug 30, 2016 08:25 HKT/SGT
Topic: Press release summary
Sectors: Real Estate, Business, Construction
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