Business Daily Media

China SCE Group Stayed Resilient in 2022 with Robust Financial Performance

Profit Attributable to Owners of the Parent Amounted to RMB24.5 Million

HONG KONG SAR - Media OutReach - 31 March 2023 - China SCE Group Holdings Limited ("China SCE" or the "Company", together with its subsidiaries, the "Group", HKEX Stock Code: 1966), an integrated property developer in China, announced its audited annual results for the year ended 31st December 2022 (the "Year").

Over the past year, in the face of industry risks and the impact of the pandemic, the confidence of domestic property purchasers has plummeted, dealing a blow to contracted sales. During the year, the Group recorded a contracted sales amount of approximately RMB59.023 billion, with a contracted sales area of approximately 4.91 million sq.m. The average selling price was RMB12,016 per sq.m. The Group together with its joint ventures and associates had an aggregate of over 120 projects for sale in over 50 cities, mainly in second-tier cities and core areas of high potential in third- and fourth-tier cities. As a result of the popular sales of Woven City in Hangzhou and the launch of a number of new properties by the Group in the Yangtze River Delta Economic Zone, this region has accounted for the largest share of contracted sales of the Group together with its joint ventures and associates, amounting to RMB24.609 billion or approximately 41.7% in 2022.

Balanced Land Bank and Liquidity While Maintaining a Record of "No Breach of Contract"

During the Year, the Group recorded a revenue of RMB26.71 billion and a profit attributable to owners of the parent of RMB24.5 million. The financial position remained robust and maintained a record of "no breach of contract". The Group has also successfully implemented financing strategies to optimize the capital structure. Since December 2022, the Group has successively signed strategic cooperation agreements with several commercial banks to provide necessary financing services for the Group, receiving more than RMB43 billion in loans. In addition, benefited from national policies, the Group became one of the first private real estate enterprises backed by China Bond Insurance Co., Ltd. ("CBIC") in 2023 and successfully issued bonds, which was a mark of the confidence of both investors and regulators in the Group's development. The Group will keep communicating with financial institutions and stepping up its efforts to secure financing guarantee from CBIC and bond issue, so as to ease the pressure on cash flows through various channels.

As a result of the continued sluggish contracted sales of commodity house and difficulties in financing in the capital market, the Group suspended land acquisition in 2022 in order to maintain sufficient liquidity. Nevertheless, the Group together with its joint ventures and associates had a land bank with an aggregate planned GFA of approximately 33.87 million sq.m as of 31st December 2022, which is expected to be available for the Group's development in the next two to three years.

Going forward, as the central government optimizes and adjusts real estate policies, the industry is poised to adopt a new development model. The Group will be committed to raising the operational safety margin, building a commercial business driven by cash flow and operational quality in order to maintain a solid financial foundation. At the same time, the Group will develop its asset management model, lower its reliance on financing, increase synergy with the property industry, as well as strengthen the symbiotic operational model with Funworld. Mr. Wong Chiu Yeung, Chairman and CEO of China SCE Group, said, "Looking ahead, the Group will continue to adhere to the 'Dual Track' synergistic development strategy and strengthen the synergy between shopping malls and rental apartments with residential development, concentrating on core cities and dominant regions. We will focus on our market, our clients and our products. The Group will also take heed of clients' needs and attach greater importance to product research and development with the aim of further expanding its differentiated competitiveness to create greater value."
Hashtag: #ChinaSCEGroup

The issuer is solely responsible for the content of this announcement.

About China SCE Group Holdings Limited (HKEX Stock Code: 1966)

China SCE Group Holdings Limited was established in 1996, with a key value proposition of "We Build to Inspire" and a mission of "Creating Smart Living to Help Achieve Happiness". The Group's main businesses include property development, commercial management, property management, and apartment leasing. The Group's business headquarters is in Shanghai, while implementing a key focused strategy in the Yangtze River Delta Economic Zone, the Guangdong-Hong Kong-Macao Greater Bay Area, the Bohai Rim Economic Zone, the West Taiwan Strait Economic Zone, and Central Western Region. Its property projects are located across 63 cities, covering a wide range of properties including high-rise residential buildings, offices, shopping malls and long-term rental apartments. In 2022, China SCE Group was honoured as the "2022 Best 30 of China Real Estate Listed Companies with Comprehensive Strengths", "2022 TOP 50 of China Real Estate Developers", and "Fortune China 500". The Group will continue to be committed to the "Dual-track" strategic plan to secure its regional leading position by implementing more proactive and prudent development strategies, striving to become a more competitive property developer in China.

For more information, please visit China SCE Group's website:

News from Asia

68 per cent of Gen Zs not confident about maintaining good physical health in old age; least confident generation

Almost 1 in 2 Gen Zs are worried about mental health while 41 per cent are concerned about the ability to fund healthcare costs in old age SINGAPPORE - Media OutReach Newswire - 25 No...

Trend Micro Safeguarding Cloud Data of Healthcare AI Innovation Leader

Offering security solutions protecting all cloud platforms: AWS, Azure, and Google Cloud HONG KONG SAR - Media OutReach Newswire - 25 November 2024 - Trend Micro Incorporated (TYO: 4704; TSE: 47...

Mead Johnson Nutrition Hong Kong Reinforces Sustainability Commitment with Formula Cans Recycling Program

Reducing waste by collaborating with the World Green Organisation and a local farm to upcycle materials for farming use HONG KONG SAR - Media OutReach Newswire - 25 November 2024 - Mead Johnson N...

Design District Hong Kong (#ddHK) Creative Tourism Project Creative Journey · Infinite Discovery

Exploring the Unique Characteristics of Tsuen Wan and Sha Tau Kok and Presenting Hong Kong’s Diverse Tourism Experience HONG KONG SAR - Media OutReach Newswire - 25 November 2024 - "Design Distric...

Anglo-Chinese School Students Crowned as the Grand Winner of the Samsung Solve for Tomorrow 2024 Competition

Their project, SilentGuide, is a pair of smart glasses that transcribes spoken words into subtitles, to help individuals with hearing impairment participate more meaningfully in social conversation...

FBS Wins Outstanding Trading Education Asia 2024 Award

SINGAPORE - Media OutReach Newswire - 25 November 2024 - FBS, a leading global broker, celebrates winning the Outstanding Trading Education Asia 2024 award from CFI.co, a prestigious in...

Delta Dunia Group, Through BUMA International, Agrees to Acquire a Controlling Interest in the Dawson Coal Mining Complex

Delta Dunia Group, via its indirect subsidiary BUMA International [1], will expand its presence in the Bowen Basin in Queensland, through a US$455 [2] million proposed acquisition of a 51% ...

Melaka ICT Holdings Sdn Bhd Earns Recognition as One of Asia’s Most Promising SMEs at ACES Awards

BANGKOK, THAILAND - Media OutReach Newswire - 26 November 2024 - Melaka ICT Holdings Sdn Bhd (MICTH), a key player in enhancing the digital and telecommunications landscape of Melaka, has been awa...

The Hong Kong Institution of Engineers Launches its First-ever UNSDGs eBook

“Engineered for Sustainability: Hong Kong’s Contribution to United Nations Sustainable Development Goals” Showcasing over 40 Sustainable Engineering Projects HONG KONG SAR - Media OutReach ...

Melco’s Jade Dragon celebrated as one of Asia’s top 100 finest restaurants by Tatler Best

MACAO SAR - Media OutReach Newswire - 26 November 2024 - Melco Resorts & Entertainment's Cantonese fine dining restaurant Jade Dragon at City of Dreams has been honored by Tatler Best as one o...

The age of uncertainty: How interesting times are making life tough for property pundits in 2023

Given the abundance of unknowns, predicting how and when the market will move has become a mug’s game. Anyone else tired of speculating about w...

Property

A Closer Look at the Luxurious Tanah Merah New Condo Developments

Tanah Merah New Condo is a luxurious residential development located in the Tanah Merah district of Singapore. This exclusive condominium developmen...

Property

FLK IT OVER raises capital from investors in property sector

FLK IT OVER, a digital document signing tool specialising in residential real estate has secured $2.13M in its first capital raise with financial ba...

Property

Keep on Trucking: 7 Different Types of Truck Drivers

Are you thinking of becoming a truck driver, but aren't sure which type to become? Did you know that 8.9 million people in the U.S. have a job in ...

Business Training

What To Consider When Choosing A Commercial Office Space

Choosing an office space for your business takes time and should be conducted carefully. A rushed decision can have long-term implications, especial...

Property

5 Key Benefits of Webinars for Your Business

Webinars or online seminars are trendy, especially during this pandemic when face-to-face interactions are limited. Unlike in-person seminars, web...

Business Training