Company Overview - The Company was recognized as one of the "2020 Best 40 China Real Estate Listed Companies with Strongest Comprehensive Strengths" and "2020 Best 50 of China Real Estate Developers"[8]. - China SCE aims to deepen its strategic plan of "One Body Two Wings" to secure a regional leading position through proactive and prudent development strategies[8]. - The Group's major businesses include property development, commercial management, property management, and long-term rental apartments[7]. - The Company operates in 62 cities, including major locations such as Beijing, Shanghai, and Shenzhen, covering various property types like high-rise residential buildings and shopping malls[8]. - The Company’s mission is "Creating Smart Living to Help Seize Happiness," emphasizing its commitment to innovative property solutions[8]. - China SCE was listed on the Hong Kong Stock Exchange in February 2010, with stock code 1966.HK[7]. - The Group's headquarters is located in Shanghai, focusing on regional development strategies in key economic zones[8]. - The Company has been awarded "Fortune China 500" in 2020, highlighting its significant market presence[8]. Financial Performance - For the year ended December 31, 2020, the Group recorded a revenue of approximately RMB32.573 billion, representing an increase of approximately 52.4% over last year[38]. - Profit attributable to owners of the parent amounted to approximately RMB3.803 billion, representing a growth of approximately 8.4% compared to last year[39]. - Basic earnings per share was approximately RMB90.6 cents, representing an increase of approximately 6.7% over last year[39]. - The Group's contracted sales amount reached approximately RMB101.537 billion, representing an increase of approximately 26.1% compared to last year[40]. - The contracted sales area was approximately 7.37 million sq.m., representing an increase of approximately 16.5% compared to last year[40]. - The total dividend payout ratio amounted to 30.8% of the core profit attributable to owners of the parent[39]. - Total assets increased to approximately RMB170.614 billion from RMB149.382 billion, reflecting a growth in the asset base[29]. - Total equity rose to approximately RMB39.153 billion, up from RMB30.286 billion, indicating improved financial stability[29]. Sales and Market Strategy - The Group's proactive strategies aim to enhance its competitiveness in the People's Republic of China real estate market[8]. - The Group adopted a flexible marketing strategy to mitigate the impact of Covid-19, with over 150 projects for sale across 54 cities, and 37 new projects launched during the year[46]. - The top six cities with the highest contracted sales accounted for approximately 45.6% of the Group's total contracted sales, with Beijing, Chongqing, Nanjing, Xiamen, Kunming, and Quanzhou leading[46]. - In 2020, the Group added 38 projects in cities including Shanghai, Chongqing, and Suzhou, with a total above-ground GFA of approximately 10.75 million sq.m. and aggregate land costs of approximately RMB 40.550 billion[51]. - The average land cost for new projects was approximately RMB 3,772 per sq.m., with the attributable land cost amounting to approximately RMB 32.281 billion[51]. - The Group focused on acquiring land at low prices in first-tier and second-tier cities, ensuring sales of residential units before land acquisition[51]. - The Group's strategy emphasizes investing in projects with certain profitability, avoiding risks associated with blindly pursuing high profits[51]. Debt and Financing - The Group utilized multiple financing sources to optimize its debt structure, achieving a long-term foreign-currency issuer default rating of "BB–" with a "Stable" outlook from Fitch[56]. - In January 2020, the Group issued additional offshore senior notes with an aggregate principal amount of US$150 million at a yield of 6.5%, consolidating with existing notes due in April 2024[56]. - The regulatory authorities introduced the "Three Red Lines" policy to control borrowing scales, which the Group believes will ensure the steady development of the real estate industry[47]. - The Group issued US$500 million senior notes due in May 2025 at a coupon rate of 7% and US$350 million senior notes due in February 2026 at a coupon rate of 6%[58]. - The Group's domestic corporate bonds issued in July 2020 amounted to RMB1.46 billion at a coupon rate of 5.5%, maturing in July 2024[58]. - The Group's bank and other borrowings amounted to RMB 46,562,876,000 as of December 31, 2020, compared to RMB 42,077,082,000 in 2019[182]. - The maturity profile of borrowings indicates a significant increase in third to fifth-year borrowings, rising to approximately RMB 10,177,554,000 in 2020 from RMB 4,761,871,000 in 2019[171]. Project Development and Sales - The Group launched 37 new projects across 54 cities, primarily in second-tier, third-tier, and fourth-tier cities in China[83]. - Contracted sales in second-tier cities reached approximately RMB 57.306 billion, contributing about 56.4% of total contracted sales[108]. - Contracted sales in third- and fourth-tier cities amounted to approximately RMB 34.913 billion, accounting for approximately 34.4% of total contracted sales[108]. - The total recognized property sales area was 3,248,928 sq.m., with total sales income of RMB 31.554 billion, indicating a diversified sales strategy across various city tiers[111]. - The Group achieved recognized property sales income of approximately RMB 31.554 billion, with a delivery area of approximately 3.25 million sq.m., representing year-on-year increases of approximately 54.3% and 77.0% respectively[107]. Operational Efficiency and Future Outlook - The Group is focused on optimizing human resources allocation and reforming the incentive mechanism to enhance project management and marketing capabilities[40]. - The Group will continue to explore five major regions, focusing on operational results and cash flow to enhance project operation efficiency[64]. - The management is optimistic about future growth, driven by strategic market expansions and new product developments in residential and commercial sectors[125]. - The Group plans to spin off its commercial management and residential property management businesses for listing in 2021, aiming for sustainable development in these segments[66].
中骏集团控股(01966) - 2020 - 年度财报