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China Yuanbang
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Pinnacle
Master |
10-Oct-2007 18:29
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Repost. Singapore, 10 October 2007 ? China Yuanbang Property Holdings Limited (元邦房地产控股有限公司) ("Yuanbang Property" or the "Group"), a premium brand Guangzhou-based property developer that focuses on the development of quality residential and commercial properties, today announced its first launch of sales of Phase I of its Nanchang project ? Aqua Lake Grand City (绿湖豪城)? on 1 October 2007 which received strong response from buyers with over 84.9% of the units pre-sold. Yuanbang Property launched the first batch of sales of the residential units of the Aqua Lake Grand City (绿湖豪城) on 1 October 2007 in Nanchang city, the capital city of Jiangxi Province of the PRC. Out of 93 residential units launched, the Group has successfully pre-sold 79 or over 84.9% of residential units in a span of 10 days, representing a total gross floor area ("GFA") of approximately 10,000 square meters ("sq m"), at an average selling price of RMB5,300 per sq m, which is 33% higher than the original target average selling price of RMB4,000 per sq m. The total pre-sale proceeds amounted to approximately RMB53.1 million will be recognised as revenue upon completion of handover of the properties to buyers. The remaining 758 residential units under Phase I of the Nanchang project are expected to be released for sale progressively in separate batches by the end of October, November and December 2007. The commercial units and car park lots will be launched in Year 2009. Said Mr. Chen Jian Feng, Executive Chairman of Yuanbang Property, "Aqua Lake Grand City is situated within the new business district of Nanchang. Its prime location and grand design with comprehensive facilities are the key attractions of this development. The economy of Nanchang city is growing rapidly with the rising affluent of the local people, which is the main factor of robust demand for quality accommodation." "The success of launch marks Yuanbang Property the first milestone and strong foothold in Nanchang city, as well as successfully embarks on the Group?s strategy of geographical expansion into other developing cities in the PRC in order to boost the growth of the Group." Said Mr. Chen. Aqua Lake Grand City (绿湖豪城) is a significant mixed property development for the Group, located at Nanchang City, Honggu Tan New District, Hongjiaozhou, a new business district targeting affluent PRC nationals, including businessmen and professionals. It will be developed over three phases and comprise a hotel, offices as well as commercial and residential units, occupying a total site area and planned GFA of approximately 193,380 sq m and 494,140 sq m respectively. The construction of the first phase of the development commenced in June 2007, and its plan includes 851 residential units, 88 commercial units and 437 car park lots. On 28 February 2007, as part of our plans to expand our business into other cities in the PRC with land parcel available at prime location, we entered into a joint development agreement with Lihui Group Co., Ltd. ("Lihui?) and Lihui?s subsidiary, Xinzhongyuan (Nanchang) Real Estate Development Co., Ltd. ("Xinzhongyuan") which holds the Nanchang development site. In order to increase the profit from this project and have better control on the quality of the construction, China Yuanbang has signed a MOU to acquire 100% share capital of Lihui, which in turn holds 51% of the registered capital of Xinzhongyuan, on 28 August 2007 at a consideration of RMB190 million. |
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Pinnacle
Master |
10-Oct-2007 18:25
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YUANBANG PROPERTY ACHIEVES OVER 84.9% TAKE-UP RATE FOR ITS NANCHANG PROJECT Pre-sold 79 residential units of the 93 units released for the first phase of sales on 1 October 2007 Total contracted sales proceeds amounted to RMB53.1 million or average selling price of RMB5,300 per square meter, representing 33% over the original target average selling price Strong response reflects the robust demand for quality accommodation in Nanchang city of Jiangxi Province, the PRC |
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Pinnacle
Master |
10-Oct-2007 18:22
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Singapore, 10 October 2007
Yuanbang Property launched the first batch of sales of the residential units of the Aqua Lake Grand City (
Said Mr. Chen Jian Feng, Executive Chairman of Yuanbang Property, "Aqua Lake Grand City is situated within the new business district of Nanchang. Its prime location and grand design with comprehensive facilities are the key attractions of this development. The economy of Nanchang city is growing rapidly with the rising affluent of the local people, which is the main factor of robust demand for quality accommodation."
"The success of launch marks Yuanbang Property the first milestone and strong foothold in Nanchang city, as well as successfully embarks on the Group?s strategy of geographical expansion into other developing cities in the PRC in order to boost the growth of the Group." Said Mr. Chen.
Aqua Lake Grand City (
occupying a total site area and planned GFA of approximately 193,380 sq m and 494,140 sq m respectively. The construction of the first phase of the development commenced in June 2007, and its plan includes 851 residential units, 88 commercial units and 437 car park lots.
On 28 February 2007, as part of our plans to expand our business into other cities in the PRC with land parcel available at prime location, we entered into a joint development agreement with Lihui Group Co., Ltd. ("Lihui?) and Lihui?s subsidiary, Xinzhongyuan (Nanchang) Real Estate Development Co., Ltd. ("Xinzhongyuan") which holds the Nanchang development site. In order to increase the profit from this project and have better control on the quality of the construction, China Yuanbang has signed a MOU to acquire 100% share capital of Lihui, which in turn holds 51% of the registered capital of Xinzhongyuan, on 28 August 2007 at a consideration of RMB190 million. |
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Pinnacle
Master |
29-Aug-2007 10:17
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CIMB - OUTPERFORMTP - $0.50China Yuanbang (S$0.32) - FY07 results - Building up? In line. FY07 net profit jumped 96.1% yoy to Rmb79.5m, close to our Rmb80m estimate, driven by a 30% increase in completed GFA to 45.5k sq m, a 53.6% increase in blended ASP and a Rmb21.9m exceptional profit from the revaluation of investment properties and one-off compensation gains. Core earnings were 5.7% below our estimate due to higher-than-expected administrative expenses. EPS increased 87.6% yoy to 15.8 Rmb cts due to dilution from new shares. ? Turnover doubled, as expected. Yuanbang Mingyue Gardens was the major revenue contributor in FY07 with a total of 45,463 sq m GFA delivered to buyers vs. 34,944 sq m of Yuanbang Aviation Homeland in FY06. ? More to come in FY08. We expect Yuanbang?s earnings to double in FY08, helped by the completion and the sale of: 1) 44.8k sq m GFA of property units, including the remaining units of Yuanbang Mingyue Gardens and Aviation Homeland as well as the partial completion of its new residential development in Jinshazhou; and 2) the completion of 73.3k sq m GFA of the Nanchang project, in which Yuanbang is entitled to a 50% share of development profits. Construction of this project has started and units are expected to be presold in October. ? Acquired 51% interest in Nanchang project. Yuanbang has signed an MOU to acquire 51% of the Nanchang project for a total consideration of Rmb190m, equivalent to Rmb754m/sq m. The acquisition will enable Yuanbang to have better control over the project. However, our forecasts are unchanged as we had earlier factored in 50% profit-sharing for the Nanchang project. ? Keeping Outperform and target price of S$0.50. No fundamental changes in this set of results. However, Yuanbang?s share price substantially lagged behind those of the other Chinese property developers, possibly due to its smaller land bank and lack of news flow on acquisitions. We believe its current valuation has more than discounted for the above. Presales of its Nanchang project in October and the continuous replenishment of its land bank are expected to catalyse the share price. Reiterate Outperform and target price of S$0.50, still at a 10% discount to our estimated RNAV of S$0.55. |
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Master |
29-Aug-2007 10:12
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Outlook and Future PlansSince July this year, the PRC government has been implementing economic austerity measures to optimize the structure of the property market, while allowing competent players to grow and develop in a healthy environment. Said Mr. Chen, ?The Group, which is engaged in the development of premium properties, supported by its strong foundation and abundant experience in the PRC property market, finding the economic measures beneficial to the development of the economy and property market in the long run. We believe quality properties will continue to be attractive to buyers and the property market will enjoy stable development in the future. Furthermore, the strong growth of the PRC economy will drive the long term development of the property sector and strengthen our market position in China?s real estate market. ? To enlarge the market share in Guangzhou, Yuanbang Property intends to continue seeking and acquiring attractive land for future developments. Besides Guangzhou, the Group also intends to prudently explore viable business opportunities in other PRC cities to embark on property developments which will be targeted at affluent PRC nationals. At the same time, the Group will continue to develop leading property developments with innovative designs to strengthen the ?Yuanbang? brand. ?Looking ahead, we are optimistic of our growth prospects. With Yuanbang?s recognised brand name in Guangzhou, knowledge of the PRC property market and substantial land reserves for future development, we believe the Group is well placed to ride the growing demand for higher quality housing driven by rising annual disposal income of local consumers. In the future, we will continue to strengthen our business by increasing our land bank through mergers and acquisitions and collaboration with other small to medium-sized property developers.? |
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Pinnacle
Master |
29-Aug-2007 09:56
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China Yuanbang Property Holdings Limited (?Yuanbang Property? or the ?Company?), a premium brand Guangzhou-based property developer that focuses on the development of quality residential and commercial properties, today announced its annual results of the Company and its subsidiaries (collectively ?the Group?) for the year ended 30 June 2007. During the period under review, the Group recorded a turnover of RMB341.4 million (2006: RMB170.8 million), representing an increase of a double over the same period last year. The Group?s gross profit and net profit amounted to RMB111.4 million (2006: RMB75.5 million) and RMB79.1 million (2006: RMB45.6 million) respectively. Profit attributable to shareholders increased 96.1% to RMB79.5 million (2006: RMB40.5 million). Earnings per share was RMB15.84 cents (2006: RMB8.44 cents), representing an increase of 87.7% as compared to the same period last year. The Group?s net asset value per share rose to RMB85.1 cents from RMB28.0 cents, while cash and cash equivalents increased to RMB238.7 million from RMB33.4 million in the previous year. The Board of Directors of the Group recommends the payment of a final dividend of RMB1.5 cents (equivalent to S$0.3 cents) per share. Said Mr Chen Jianfeng (陈建锋), Executive Chairman and founder of the Group, ?the favorable results of the Group was mainly attributable to the outstanding sales performance of the ?Yuanbang Mingyue Gardens? which was handed over since December 2006. This property provides quality and innovative design that are in line with the Group?s objective to provide premium residential and commercial facilities to the middle to upper-middle class people.? Yuanbang Mingyue Gardens is situated at a densely populated area, Henan Chigang, Haizhu District in Guangzhou, with a total site area and gross floor area (?GFA?) of approximately 13,843 square metres (?sq m?) and 65,527 sq m respectively. It comprises 3 blocks of 25-storey apartments, consisting a total of 461 residential units, 12 commercial units and 161 parking lots. The target customers for this property are business and teaching professionals working in the nearby areas. During the review period, the Group sold the GFA of approximately 45,109 sq m residential units and 354 sq m commercial units of this project, representing 97.4% of the Group?s total turnover. To capitalise on the positive outlook of China real estate market, Yuanbang Property has accumulated sizeable land reserves for future developments. For the next three years, the Group currently has plans to develop three other properties, namely the ?Jinshazhou Project?, ?Wenchang Project? and ?Huadu Project? in Guangzhou. These future developments are to be built on three strategically located land parcels and will have an aggregate planned GFA of approximately 463,513 sq m. Additionally, the Group is expanding its business into the property market in Nanchang City, Jiangxi Province through a joint development project comprising a hotel, offices as well as commercial and residential units that has a total site area and planned GFA of approximately 193,380 sq m and 494,140 sq m respectively. The site is situated at Hongjiaozhou, Honggu Tan New District, a new business district to target affluent PRC nationals, including businessmen and professionals. The project commenced development in June 2007 and will start pre-sales in October this year. ?We have embarked on an expansion strategy in other selected developing cities in the PRC, like Nanchang city, capital of Jiangxi Province, in order to boost our growth. We believe this joint development arrangement is a good approach to broaden our market presence to other PRC cities.? Mr Chen commented. |
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Pinnacle
Master |
29-Aug-2007 09:52
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YUANBANG PROPERTY ANNOUNCES 2007 ANNUAL RESULTS- Profit Attributable to Shareholders increases 96.1% to RMB79.5 million- Yuanbang Mingyue Gardens Represents the Main Revenue Contributor- Financial Highlights- Turnover doubles to RMB341.4 million - Profit attributable to shareholders increases 96.1% to RMB79.5 million - Earnings per share of RMB15.84 cents (2006: RMB8.44 cents) - Final dividend of RMB1.5 cents per shareFuture Expansion Strategy in other Developing Cities besides Guangzhou |
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