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EQS-News / 25/03/2019 / 09:40 UTC+8
?*Press release*?
*For Immediate Release *
LANDSEA GREEN GROUP CO., LTD. ??????????
(Stock Code: 106)
*Annual Profit Substantially Grows, *
*Differentiation Advantages Become More Apparent *
(25 March 2019, Hong Kong) *Landsea Green Group Co., Ltd.* ("Landsea" or the
"Company", together with its subsidiaries collectively known as the "Group",
HKEx Stock Code: 0106.HK), a leading property development operator and green
life service provider in China, is pleased to announce its annual results
for the twelve months ended 31 December 2018 (the "Period"). The net profit
of the Group for the Period reached RMB 1.44 billion, representing an
increase of 99.9% year-on-year. The return of equity for the Period was
30.3%, representing an increase of 10.8 percentage points from a year ago
and substantially outperforming its peers.
In 2018, the impacts of the structural adjustment in real estate industry
were obvious. The Company overcame various negative factors, adhered to
prudent financial strategy and continued to optimize the debt structure. As
at the end of 2018, the Company's net gearing ratio was 39.8% (including
liabilities on and off its balance sheet), which compared favorably with the
market average. With a current ratio of 8.7 times, the Company possessed
adequate cash resources, which laid a solid foundation for its future
development. Moreover, the Company vigorously diversified its funding
channels and took advantage of the favorable market conditions to complete
the issuance of US$200 million green bonds in the first half of 2018. The
bonds received Standard & Poor's highest global rating for its green
evaluation.
The Group made persistent R&D efforts to expand its product portfolio. As a
result, it possessed enhanced capability to develop differentiated
residential projects. At the same time, it actively explored various types
of innovative businesses, including the retrofitting of old residential
buildings, the transformation of green offices, business model
transformation and community business. With its core strengths in product
differentiation, the Group established strategic cooperation with various
investment institutions and famous medium and large-sized enterprises,
thereby complementing with each other. Besides, it made steady progress in
creating a business model which requires small investment in project
development with the Company focuses on project management. In 2018, the
revenue from project development and management services amounted to
approximately RMB1 billion, representing a 32.8% year-on-year growth; the
after-tax profit increased by 11.7% year-on-year to approximately RMB350
millions. Its light asset strategy produced remarkable results.
The Group adhered to the strategy of value investment and avoided the
bidding of expensive land plots. It acquired 28 projects in 2018 and their
saleable value amounted to RMB38.8 billion. More than 80% of the new
projects were obtained through mergers and acquisitions, equity investments
and entrusted development. As a result, their acquisition costs were
substantially reduced. In 2018, the Group achieved contracted sales of
approximately RMB 38.1 billion, representing a year-on-year increase of
19.0%.
Looking ahead into 2019, Mr. Tian Ming said, "with a clear strategy and
competitive advantages of differentiated products, we will overcome various
challenges and achieve higher growth in operating results, thereby creating
greater value to shareholders."
The End
*About Landsea Green Group Co., Ltd.*
Landsea Green Group Co., Ltd. (Stock Code: 0106.HK) has been one of the Top
100 Chinese Real Estate Enterprises in China for nine consecutive years. It
is a leading property development operator and green life service provider
in China. Landsea has been implementing a green product-centered and
differentiated development strategy since 2004. The company's business
network covers all major economic regions of China as well as the first-tier
cities in the United States.
This press release is issued by PRChina Limited on behalf of Landsea Green
Group Co., Ltd.
*Investor and Media Enquiries:*
*PRChina Limited *
Contract: Doris Au Yeung/Ray Sun/Jack Liu
Tel: 852-2522 1838
Email: landsea@prchina.com.hk
Document: http://n.eqs.com/c/fncls.ssp?u=DLAKNJNOJJ [1]
Document title: LANDSEA GREEN GROUP CO., LTD. (Stock Code: 106)Annual Profit
Substantially Grows, Differentiation Advantages Become More Apparent
25/03/2019 Dissemination of a Marketing Press Release, transmitted by EQS
Group.
The issuer is solely responsible for the content of this announcement.
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(END) Dow Jones Newswires
March 24, 2019 21:41 ET (01:41 GMT)
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