HONG KONG, Mar 28, 2025 - (ACN Newswire) - Everbright Grand China Assets Limited, a property leasing, property management and sales of properties held for sale company under China Everbright Group ("Everbright Grand China Assets" or the "Group", Hong Kong Stock Exchange stock code: 3699) today announced the annual results for the year ended 31 December 2024 (the "Year under Review").

During the Year under Review, the Group's revenue was approximately RMB45.9 million (2023: approximately RMB46.8 million), representing a decrease of approximately 1.9% as compared to last year, mainly due to the decline in rental income. The profit attributable to equity shareholders of the Company amounted to approximately RMB25.3 million (2023: approximately RMB19.3 million), representing an increase of approximately 31.1% as compared to last year. The increase in profit was mainly due to foreign exchange (primarily including bank deposits denominated in currencies other than RMB) gains during the year. The basic earnings per share was approximately RMB0.06 (2023: RMB0.04). The Board has proposed to pay a final dividend of RMB1.05 cents per share (equivalent to HK1.14 cents) (2023:RMB0.60 cents) for the year ended 31 December 2024 and a special dividend of RMB0.34 cents per share (equivalent to HK0.37 cents) (2023: Nil). Together with the interim dividend of RMB0.78 cents per share, the full year dividend amounts to RMB2.17 cents per share (2023: RMB1.66 cents per share).

As at 31 December 2024, the Group had current assets of approximately RMB239.9 million (2023: approximately RMB231.4 million). The increase in current assets was mainly due to the rise in cash and bank balances during the year. The Group had current liabilities of RMB19.9 million (2023: approximately RMB25.8 million). The decrease in current liabilities was mainly due to the reduction in rental income received in advance during the year.

Property Leasing

The rental income from the Group?s property leasing business was approximately RMB30.5 million for the year ended 31 December 2024 (2023: RMB33.2 million). Due to the decline in the average rent per square meter (?sq.m.?) and the provision of rental subsidies to tenants, the total rental income decreased. The Group?s leasing properties are located in Chengdu, Sichuan Province and Kunming, Yunnan Province in the PRC. As at 31 December 2024, the Group?s 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 square meters.

Property Management Service

The Group provides property management services for its properties, namely Everbright Financial Center and Everbright International Mansion. Revenue from the Group?s property management services was approximately RMB15.4 million for the year ended 31 December 2024 (2023: RMB13.5 million). During the year, the increase in revenue from property management services was due to the increase in restaurant income. As at 31 December 2024, the total GFA under the Group?s management was 72,534 sq.m.

Investment Properties

The Group's investment properties primarily consist of land and/or buildings which are owned or held under a leasehold interest to earn rental income and/or for capital appreciation. As at 31 December 2024, the fair value of the investment properties was RMB967.1 million (2023: RMB959.5 million), representing an increase of approximately 0.8%. For the year ended 31 December 2024, the valuation gain on investment properties amounted to approximately RMB6.6 million (2023: approximately RMB5.3 million).

PROSPECTS

Looking back at 2024, the global economy is on its way to resuming normalcy after experiencing two consecutive years of slowdown. However, the growth rate remains relatively weak, and the growth momentum is cooling down. Nevertheless, in the first half of 2024, the Chinese economy started off on a positive note. Despite the weakened growth momentum, the relatively steady Chinese economy has been supported by a continuous improvement in economic conditions.

With the slowdown in real estate market investment, the area of new housing starts, the area of housing completions and the sales area of newly built commodity houses have continued to slow down, thereby affecting the growth rate of the property management industry. The development strategy of property management enterprises has undergone significant changes, with future growth in management scale no longer being the core focus, and the emphasis gradually shifting towards service quality and value-added business.

The Group's commercial properties have been relatively less affected by the fluctuations in the real estate market over the past year, with tenants and lease agreements, as well as rental rates, maintaining a relatively stable trend, enabling the Group to sustain a relatively stable performance in the market.

Looking ahead, in the face of the current operating environment, the Group will continue to rise to the challenge, fully leveraging the synergy with its parent company, China Everbright Group, and capitalizing on the recognition of the "Everbright" brand to develop diversified value-added services. On the one hand, the Group will strive to increase revenue sources; on the other hand, it will actively enhance brand influence, seize opportunities during the industry adjustment period, further strengthen its capabilities, consolidate competitiveness and risk resistance, and aim to become a robust enterprise with long-term sustainable development. Despite the numerous challenges faced by the real estate and property management industry in 2024, the Group remains confident about the future due to policy support and the gradual recovery of the market. The Group will actively explore new development opportunities on the basis of stable operations to create greater value for the Company's shareholders.

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