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| Revenue and Profit Attributable to Equity Shareholders of the Company were Approximately RMB 27.1 million and RMB 12.3 million |
HONG KONG, Aug 25, 2022 - (ACN Newswire) - Everbright Grand China Assets Limited ("Everbright Grand China" or the "Group"; HKEX stock code: 03699), a subsidiary of China Everbright Group, principally engaged in the businesses of property leasing, property management and the sales of properties held for sale, announced its interim results for the six months ended 30 June 2022 ("Reporting Period").
During the reporting period, the Group's revenue amounted to approximately RMB27.1 million, which represented an increase of approximately RMB1.9 million compared with the corresponding period of last year (2021: RMB25.2 million). The increase in revenue was mainly due to the increase in the average rent per square meter. Profit attributable to equity shareholders of the Company amounted to approximately RMB12.3 million (2021: RMB16.5 million). The basic earnings per share was approximately RMB0.03. (2021: RMB 0.04).
Property Leasing
As at 30 June 2022, the Group's property portfolio comprises three commercial buildings, namely, Everbright Financial Center, part of Everbright International Mansion and Ming Chang Building, which are located in Chengdu, Sichuan Province and Kunming, Yunnan Province, respectively, , with a total gross floor area of approximately 89,507 (31 December 2021: 89,507) sq.m. For the six months ended 30 June 2022, the average occupancy rate of the properties was approximately 86%. (2021: 84%). The Group generated rental income of approximately RMB 20.0 million (2021: RMB 17.8 million), representing an increase of approximately RMB 2.2 million as compared to the same period last year, mainly due to the rise in the average rent per sq.m.
Property Management Service
The Group has a professional property management team to provide management services to Everbright Financial Center and Everbright International Mansion to maximize the value of the properties. During the period, revenue from the property management services was approximately RMB 7.1million (2021: RMB 7.4 million), representing a decline of approximately RMB 0.3 million as compared to the same period last year, mainly due to the decrease in the property maintenance service income.
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 30 June 2022, the fair value of the investment properties was RMB 955.0 million (31 December 2021: RMB 953.7 million). For the six months ended 30 June 2022, the valuation gains on investment properties amounted to approximately RMB 0.7 million (2021: RMB 9.6 million), representing a decrease of approximately RMB 8.9 million as compared to the same period last year.
Prospects
In the first half of the year, the Group's property leasing business was impacted by the epidemic's fluctuating situation resulting in a downward pressure on rental income from the properties. However, since last year, the Group has begun to acquire new tenants and the number of tenants continues to increase this year. Benefiting from the synergy created from the China Everbright Group and the popularity of the "Everbright" brand, the Group is able to maintain a friendly long-term cooperation that is mutually beneficial and creates a win-win situation which contributes to the stable growth of its leasing business. The new framework agreement entered into with the China Everbright Group further deepens the partnership between both parties and enhances the Group's brand influence along with its bargaining power in the capital market. In the second half of 2022, the Group intends to expand its income generated from its property management services, to actively identify domestic commercial properties with investment potential for acquisition and to generate long-term investment returns.
Looking ahead, as an important livelihood service industry, the property management industry will strive to achieve stable growth through orderly operations, provide high-quality services as the backbone of the Group's development, enhance its own competitiveness through diversified integration, and strengthen its capacity to manage cyclicality and industry risks. With the normalisation of the epidemic prevention and control, the Group will advance work closely associated with our goal to diversify value-added services, to continuously improve the Group's brand image and popularity, and to optimise and upgrade service quality and users' experiences. Simultaneously, the Group will seek new projects in property management to increase income, improve sustainable development, and protect the long-term interests of shareholders.
Topic: Press release summary
Source: Everbright Grand China Assets Limited
Sectors: Daily Finance
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From the Asia Corporate News Network
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