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Zhenro Properties Announces Interim Results 2021

By
Laotian Times
-

Focus on High-Quality Growth

Profit Attributable to Owners of the Parent up by 33.1%

Deep Penetration in First- and Second-Tier Cities

Sound Financial Performance

 

Financial Highlights:

RMB mn

 

For the six months ended 30 June

Changes

 

 

2021

2020

 

Revenue

16,011

14,542

+10.1%

 

Profit for the Period

1,504

1,275

+18.0%

 

Core profit 1

1,541

1,312

+17.4%

 

Profit attributable to owners of the parent

1,166

876

+33.1%

 

Core profit attributable to owners of the parent 1

1,203

913

+31.7%

 

 

 

2021.06.30

2020.12.31

Changes

 

Cash and cash equivalent

44,450

42,973

+3.4%

 

Net debt to total equity ratio

57.2%

64.7%

-7.5pts

 

Cash to short-term debt ratio

2.2x

2.2x

No Change  

 

Liabilities to asset ratio (Exclude contracted liabilities)

72.4%

76.6%

-4.2pts

 

Short-term debt to total debt ratio

28.5%

29.1%

-0.6pts

 

Weighted average cost of borrowings

6.35%

6.5%

              -15bps

 

HONG KONG SAR – Media OutReach – 23 August 2021 – Zhenro Properties Group Limited (“Zhenro Properties” or “the Group”; stock code: 6158), a leading PRC property developer, announced its unaudited interim results for the six months ended 30 June 2021 (the “Period”).

 

Results

During the Period, the Group achieved a solid growth in results. Its revenue increased by 10.1% year-on-year to RMB16.01 billion. Profit for the Period was RMB1.50 billion, representing a year-on-year increase of 18.0%. Net profit margin went up to 9.4%. The core profit1 was RMB1.54 billion, representing a year-on-year increase of 17.4%. Core profit margin was 9.6%. The profit attributable to owners of the parent increased significantly by 33.1% year on year to RMB1.17 billion; and the core profit attributable to owners of the parent1 increased significantly by 31.7% year on year to RMB1.20 million. The Board has resolved not to distribute interim dividends for the six months ended 30 June 2021.

 

Steady Growth in Contracted Sales

In the first half of 2021, the impact of the novel coronavirus pandemic on the national real estate market gradually weakened, and the abundant liquidity continuously unlocked the previously accumulated essential housing demand. With the Group’s precise project development plan, high-quality products, sufficient saleable resources and efficient sales and marketing strategies, it successfully achieved contracted sales of RMB82.299 billion during the period, representing a year-on-year increase of 47.0%, and achieved 54.9% of the annual sales target of RMB150 billion.

 

Sound Investment Focusing on Deep Penetration in First- and Second-Tier Cities

The Group adhered to the strategy of “regional penetration”, focused strategically on first- and second-tier cities with strong fundamentals, and forayed into two core cities, namely Guangzhou and Hangzhou, further pushing the national layout development and laying a foundation for sustainable high-quality development in the future. During the period, the total gross floor area (“GFA”) of the Group’s newly acquired land bank was approximately 3.56 million sq.m., of which 33%, 28% and 24% were located in three core regions, namely the Yangtze River Delta Region, Western Taiwan Straits Region and the Pearl River Delta Region, respectively, while the rest was located in the Central and Western China Region and Bohai Rim Region. In terms of the tiers of cities, 90% of the newly acquired land bank were located in first- and second-tier cities which had a vibrant economy and considerable population. As at 30 June 2021, the Group had a land bank with an aggregate GFA of about 29.30 million sq.m. in 35 cities in the PRC, of which 82% was located in first- and second-tier cities.

 

Decreased Financing Cost and Sound Financial Performance

In the first half of 2021, the Group successfully seized several financing opportunities and continued to lead the industry in green financing practice. During the period, the Group issued new green senior notes with an aggregate amount of US$1.26 billion and the average financing cost declined to 6.7%. At the same time, the Group repaid and early redeemed senior notes with an aggregate amount of approximately US$1.08 billion. The Group’s weighted average financing cost of borrowings was further reduced to 6.35% at the end of the Period (end of 2020: 6.5%) through the abovementioned debt swaps. As at 30 June 2021, the Group’s major credit ratios remained at an industry healthy level, including short-term debt to total debt ratio of 28.5% (end of 2020: 29.1%), net debt-to-equity ratio of 57.2% (end of 2020: 64.7%), cash-to-short term borrowing ratio of 2.2 times (end of 2020: 2.2 times) and liabilities to asset ratio (excluding advanced sales proceeds) of 72.4% (end of 2020: 76.6%), it is expected that all “three red lines” will be fulfilled.

 

The Group has been recognized by credit rating agencies for its prudent financial management and overall strength. During the Period, Fitch Ratings, an international rating agency, upgraded the Company’s rating outlook to “positive” and affirmed the Company’s issuer credit rating at “B+”. Moody’s maintained the Company’s credit rating of B1 (stable). In terms of domestic market, Zhenro Property Holdings Company Limited, a wholly-owned subsidiary of the Company, was assigned “AAA” corporate credit rating (which is the highest rating) with a “stable” outlook respectively by China Chengxin International Credit Rating Co., Ltd. and Dagong Global Credit Rating Co., Ltd.

 

Good Corporate Governance and Exploration of ESG Practice

As a pioneer in implementing ESG philosophy in the real estate industry, the Group has incorporated ESG objectives into its strategic plan for long-term development. In terms of green development and environmental protection, the Group has set the construction of environment-friendly and green buildings as the focus of its internal environmental protection policy, and invested in supporting innovative product design, so as to effectively utilize materials, energy and space, etc., thus protecting the environment from the source. As at 30 June 2021, a total of 16 projects of Zhenro Properties were granted “China 2 or 3-star green building certificates” with a total GFA of 1.69 million sq.m. In terms of green financing, as at 30 June 2021, the Group issued green senior notes with an aggregated amount of US$1.81 billion to support the refinancing of its green projects covering green building, energy efficiency, renewable energy, prevention and management of pollutants and management of sustainable water management. During the period, the Group received a BBB ESG rating from China Chengxin Lvjin (Beijing) Co., Ltd., which was the highest rating given among the real estate enterprises assessed in the year. In addition, the Post-issuance Stage Certificate from Hong Kong Quality Assurance Agency and a green evaluation score of E1/86 (where E1 was the highest rating) from S&P were granted for two green senior notes issued in September and November 2020, respectively, which shows the significant environmental benefits reaped from the green projects of the Group. Besides, the Group also obtained several international awards and honors, reflecting the Group’s investment value has been well recognized by all parties.

 

Looking ahead, Mr. Huang Xianzhi, Chairman of the Board said, “In the second half of the year, “stabilizing the land prices, property prices and expectations” remains the main keynote of government policies. The recent continuous adjustment and optimization of land supply policy are expected to slow down the growth of land price, stabilize the housing price trend and promote the long-term healthy development of the real estate industry. Considering the rigid housing demand arising out of the continuous advancement of new urbanization and the demand for improved housing resulting from the increase in the proportion with stable income group, the prospect of the real estate market remains promising in the long term. In addition, under the influence of the policies of “three red lines” and two caps on real estate loans and individual housing loans, the real estate industry will continue to deleverage comprehensively, and a differentiated financing environment has gradually taken shape with the real estate enterprises with high leverage and those of small and medium size being under greater capital and financing pressure. In order to achieve the goal of “high quality growth”, the Group put forward the “four focuses” policy, and will continue to give full play to our product, brand, capital, talent and operation advantages. Meanwhile, the Group will continue to fulfill its corporate social responsibility, strengthen its ESG work, and strive to become a high-quality and socially responsible enterprise.”


1 Defined as net profit excludes changes in fair values of investment properties and financial assets, exchange gain or loss, impairment losses and the relevant deferred taxes

 

About Zhenro Properties Group Limited

Zhenro Properties Group Limited is a leading property developer in the PRC with nationwide business presence in six key economic regions. The Group achieved contracted sales of RMB141.9 billion in 2020 and was ranked the top 20 in the Best 200 China Property Developers by Comprehensive Strength in 2020. Upholding its brand position of “Home Upgrade Master”, the Group focuses on bringing quality residences to middle class and affluent home upgraders. Zhenro Properties was listed on the Main Board of the Hong Kong Stock Exchange in 2018. It is a constituent stock in the Hang Seng Composite LargeCap/MidCap Index, Hang Seng Large-Mid Cap Value Tilt Index and the MSCI China Index and is included in the list of eligible stocks for southbound trading of the Shenzhen/ Shanghai – Hong Kong Stock Connect.


#ZhenroPropertiesGroup

Give Gift Boutique Launched Mid-Autumn Hampers with Lighting Decor and Moon Cake Gift Boxes for Debating Customers

By
Laotian Times
-

HONG KONG SAR – Media OutReach – 20 August 2021 – As the idea of gifting is moving with the times, we strive to delight recipients with wonderful gifts that are both upscale and creative. Thus, Give Gift Boutique, the leading online flower shop in Hong Kong, has launched a series of luxury hampers and has teamed up with Reign for the mid-autumn hampers with lighting decor, and the hampers can be paired with the newly introduced moon cake gift boxes of well-known brands including Maxim, Van Gogh SENSES, Reign, the Ritz-Carlton, W Hotel, the Peninsula, Lady M, and so on. And all of the mid-autumn hampers and cake gift boxes with various choices are meticulously picked and matched by the gift designers with over 10 years of experience, which helps you make fabulous gifts for the ones you appreciate.


The  Mooncakes of Reign Will be Available on September 2

The mooncakes of Reign are crafted by Swiss Michelin-starred Chef Jean-Marc Soldati. It uses interesting ingredients while insisting on making mooncakes in traditional manual kneading and baking ways.

 

The truffle egg lava custard mini mooncake is infused with fresh truffle and truffle sauce from Umbriain its fine and rich egg lava custard, which makes the unique aroma of truffles. And the south African abalone egg custard mini mooncakes are infused with slow-cooked South African abalone cubes in their creamy custard and salted egg filling, which makes a rich and chewy taste. Each piece of mooncake is individually packaged in a circular tin printed with Monet’s masterpieces, and the packagings of the gift boxes are exquisite. And they will be available on Give Gift Boutique’s online store from September 2 this year.

 

Link: https://www.givegift.com.hk/hong-kong-mid-autumn-mooncake-gift

 

3 Types of Festive Mid-Autumn Hampers with Lighting Decor

As Mid-Autumn Festival approaches, Give Gift Boutique launched a series of mid-autumn hampers, including 3 types of Mid-Autumn hampers with lighting decor. The auspiciously designed lighting decor of each hamper is inspired by the fable picture of the moon, clouds, and the moon rabbit, which makes them the spotlight of the festive night of the reunion. And the Italian-styled INSPIRIA packaging makes them the exquisite and captivating hampers for the Mid-Autumn Festival. In addition, each type of hampers is designed for people with different needs and favors and is packed with meticulously matched valuable gifts. You can impress the recipients with the wonderful hampers without hesitation.

Mid-Autumn Gift Hamper with Lighting Decor MS01

  • CC, Hong Kong, Bird’s Nest
  • Michelin Star Reign Caviar Egg Custard Mooncakes 2pcs
  • Imperial Bird’s Nest Selected Natural dried Mushroom Gift Box / On Kee, Dried mushroom (8 taels)
  • Ginax American Ginseng Slices Gift Box
  • IBN Life Concept Colla Corii Asini Jujube / Days Gone by Candy Gift Box
  • Master Wan SUGAR COATED PECAN (Special Version) / European Premium Nuts

Mid-Autumn Gift Hamper with Lighting Decor MS03

  • Perrier Jouet Grand Brut / Moet & Chandon, France, Brut Imperial Champagne Full Bottle 750ml
  • Michelin Star Reign Caviar Egg Custard Mooncakes 2pcs
  • Italia, Venchi Assorted Chocolate Gift Box / European premium Cookies or chocolate gift box
  • Lady M Blend Coffee / Cova Coffee
  • TWG Tea Gift Box / Tea Forte Tea Box
  • Italy large truffled sauce
  • European Premium import biscuit or breadstick 

Mid-Autumn Gift Hamper with Lighting Decor MS05

  • Mid-Autumn Fruit Collection
    Japanese citrus in box
    Japanese Aomori Apple
    Japanese Orin Apple
    Kirin Fruit
  • France Chateau Campot Lafont AOC / France Bordeaux AOC Wine
  • Michelin Star Reign Caviar Egg Custard Mooncakes 2pcs
  • Godiva Chocolatier cacao chocolate bar / chocolate
  • European import chocolate biscuit / Import Pastry

12 Newly Introduced Moon Cake Gift Boxes with Premium Ingredients

The gift designers of Give Gift Boutique have carefully picked the most captive mooncakes this year. In addition to the distinctively flavored mooncakes of Reign, there are mooncakes of well-known brands loved by most customers.

  • Maxim’s White Lotus Seed Paste Mooncake with 2 Egg Yolks. The refreshing fragrance of white lotus seed paste and premium salted egg yolks matches flawlessly and creates an iconic and memorable flavor. And it is Awarded 2021 Gold Medal of Monde Selection International Quality Award.
  • Van Gogh SENSES Luxury Mooncake 3D Gift Set-Starry Night. The fragrant and creamy custard is filled in its crispy skin, and the packagings are as fascinating as artistic works. They are pleasing gifts to attract your recipients.
  • The Ritz-Carlton Bounty and Bliss Mini Egg Custard Mooncakes. The packaging is designed with designed in cooperation with SCAD (Savannah University of Art and Design), and the design of the moon rabbit makes the elegant packaging more refreshing.
  • W Hotel “Illuminate Your Senses” Mooncake Box. There are Lava Egg Custard Mooncake and Mini Golden Custard Mooncake of W Hotel, each type of the mooncakes are paired with Wu Yi Big Red Robe Tea to make the mooncakes more fragrant and less greasy. And the packagings are full of urban style with fantastic colors.
  • 3 Types of The Peninsula Mooncake Gift Box. They are Constellation Mooncake Gift Box includes various flavors, the Mini Egg Custard Mooncake, and the Spring Moon Mooncake.
  • Lady M Mooncakes Gift Box. The mooncakes of Lady M are loved by young consumers these years. They feature a luxe and creamy egg custard wrapped in a golden mooncake shell, and the design of the spinning Ferris wheel is creative and exquisite.

These mooncake gift boxes have been added to the add-on gifts on the website of Give Gift Boutique. It is easy for you to make delightful gifts with these mooncake gift boxes to satisfy the recipients.

 

The One-stop Company Gift Customizing

During “the war of gifts” on important festivals each year, every company is struggling to impress their clients with wonderful gifts that show the unique icon of the company, so that the company can seize the rare opportunities to create brand buzz.

 

To cater to the gift-giving needs of companies, Give Gift Boutique provides more than a hundred categories of corporate gifts, including mid-autumn hampers, fruit hampers, gourmet hampers, and so on. In addition, it provides a one-stop bespoke corporate gift service range from packaging, designing, formating to gift theme and function, to create fascinating gifts unique icon of the company.

 

Way to Purchase

Give Gift Boutique website : https://www.givegift.com.hk/

Give Gift Boutique Facebook : https://zh-hk.facebook.com/givegiftboutique

About Give Gift Boutique

Give Gift Boutique is the leading online flower shop in Hong Kong. It is managed by senior florist designers in the Netherlands and Toronto. It operates in the boutique workshop model and serves corporate and individual customers throughout the year. Since its opening in 2008, it has been committed to providing customers with high-quality flower bouquets,mid autumn festival gift, birthday gifts, christmas gift ,happy new year gift , etc.

#GiveGiftBoutique

Prince Group Chairman Neak Oknha Chen Zhi Wins Entrepreneur of the Year – Conglomerates at 2021 International Business Awards

By
Laotian Times
-

2021 IBA received more than 3,800 entries from organizations in 63 nations as leaders of conglomerates tasked with need to tackle diverse social problems

PHNOM PENH, CAMBODIA – Media OutReach – 20 August 2021 – Prince Holding Group (“Prince Group”), one of Cambodia’s largest and fastest growing conglomerates, is proud to announce that Neak Oknha Chen Zhi (“陈志公爵”), Chairman of Prince Group, has been recognized as Entrepreneur of the Year – Conglomerates, at the 2021 International Business Awards. Neak Oknha Chen Zhi is the only entrepreneur honored in a category that celebrates leaders running multi-industry businesses. Neak Oknha Chen Zhi is one of three Asian leaders who are recognized for dynamic entrepreneurialism in different sectors during one of the most challenging years in corporate leadership. Neak Oknha Chen Zhi is among a wave of new leaders of conglomerates considering innovative approaches to business that also makes a difference to societal goals.

In addition, Prince Group also won the Bronze Award in the Most Valuable Corporate Response (COVID-19 category) coming three months after it had earlier secured a win for the best COVID-19 Corporate Response at the eighth annual Asia-Pacific Stevie Awards in May. 

The 2021 International Business Awards received more than 3,800 entries from organizations in 63 nations. Neak Oknha Chen Zhi’s Gold Stevie Award in the Entrepreneur of the Year – Conglomerates and Prince Group’s Bronze Stevie Award in the Most Valuable Corporate Response category were finalized after two months of voting by a panel of 260 professionals and key decision makers from across the globe.

Over the past year, various member companies of the Group were called upon by Neak Oknha Chen Zhi to make a difference in the lives of employees, affected communities and frontline staff. In March, Neak Oknha Chen Zhi donated US$3 million to the Cambodian government’s anti-pandemic efforts after an initial US$3 million donated last December to help Cambodia purchase 1 million COVID-19 vaccines. Neak Oknha Chen Zhi also asked the Group to promptly organize several rounds of COVID-19 vaccinations for its 3,500+ employees.

Recently, Neak Oknha Chen Zhi signed off on a long-term partnership with Caring For Cambodia, a leading education charity focusing on underprivileged students, and the Group will sponsor Career Preparation, an initiative seeking to help over 3,000 students navigate the uncertain post-pandemic educational and employment landscape by empowering them with necessary skills and knowledge.

Neak Oknha Chen Zhi has also undertaken a pivot towards sustainable development by launching Ream City, an 834-hectare coastal development project built on sustainable real estate principles. Canopy Sands Development, a member of the Group, has begun work on the project that aims to set a precedent in the country with adherence to international standards. Canopy Sands Development will soon release its inaugural environment, social and governance report as well.

In an era when leading corporates are fulfilling their social responsibilities, Neak Oknha Chen Zhi, and his leadership team at Prince Group, have been working tirelessly to be a force for good in Cambodia, playing its part in supporting the Kingdom to overcome the pandemic. 

 

About Prince Holding Group:

Prince Holding Group is one of the largest conglomerates in Cambodia, with its various units focusing on three core areas: real estate development, financial services and consumer services.

Prince Holding Group’s key business units in Cambodia include Prince Real Estate Group, Prince Huan Yu Real Estate Group, Prince Bank, Cambodia Airways, Belt Road Capital Management, as well as Awesome Global Investment Group. Via its subsidiaries, Prince Holding Group has over 80 businesses in Cambodia operating in real estate development, banking, finance, aviation, tourism, logistics, technology, food and beverages, and lifestyle sectors etc.

Rising foreign direct investment, free trade agreements with leading countries and future participation in the Regional Comprehensive Economic Partnership are expected to act as key drivers for the Cambodian economy, supported by pro-industry policy initiatives by the government.

Leveraging a network of industrial, business and financial professionals across Asia, Prince Holding Group has laid the foundation to be a vital conduit for local and international capital. The Group is firmly committed to the long-term development of Cambodia. For example, Prince Holding Group is developing Ream City, an upcoming tourism and residential project that will be one of Cambodia’s first sustainable real estate projects, aiming to secure $16 billion in total investment for the region. Located conveniently within a 10-minute drive from the Sihanoukville International Airport, the project aims to contribute to economic recovery in Sihanoukville.

Moving forward, Prince Holding Group will continue to seek out opportunities to play an important role in Cambodia, through partnerships or direct investments into key industries for the betterment of Cambodians and the local economy.

#PrinceHoldingGroup

About the Stevie® Awards

Stevie Awards are conferred in eight programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Women in Business, the Stevie Awards for Great Employers, and the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide.

Sun Hung Kai & Co. Announces 2021 Interim Results

By
Laotian Times
-

Profit Attributable to Owners up 287% to HK$2.7 billion

Backed by Significant Gains in Investment Management and Strong Recovery in Consumer Finance

Financial Highlights

For the 6-month period ended

 

 30 Jun 2021

30 Jun 2020

Change

Revenue (HK$ million)

Pre-tax Profit (HK$ million)

2,096.0

2,042.9

+2.6%

3,215.7

950.5

+238.3%

Profit Attributable to Owners of the Company (HK$ million)

2,693.0

695.2

+287.4%

Basic Earnings per Share (HK Cents)

Interim Dividend (HK Cents)

136.2

34.9

+290.3%

12.0

12.0

—

Book Value per Share (HK$)

12.8

10.4

+23.1%

 

HONG KONG SAR – Media OutReach – 20 August 2021 – Sun Hung Kai & Co. Limited (Stock Code: 86.HK) (“SHK & Co.” or the “Company”, together with its subsidiaries, the “Group”) announces its interim results for the period ended 30 June 2021. Profit attributable to owners of the Company increased by 287.4% to HK$2,693.0 million (1H2020: HK$695.2 million); basic earnings per share (“EPS”) increased by 290.3% to HK136.2 cents (1H2020: HK34.9 cents); book value per share increased by 23.1% to HK$12.8 (1H2020: HK$10.4). 

 

The Board has declared an interim dividend of HK12 cents per share for the six months ended 30 June 2021, which remained the same level as the first half of 2020. The Board will review dividend policy at year end depending on the evolvement of COVID-19, progress on economic recovery and the overall capital returned via the buy-back program.  During the period, the Company repurchased 550,000 shares for a total consideration of HK$2.3 million.

 

“The results for the first half of 2021 represented a very strong performance, despite continued volatility in the global financial market, prolonged impact from COVID-19 and a changing regulatory environment. Throughout this challenging period, the Group’s financial position remained strong and liquid, and we continued to focus on appropriately containing risk and positioning the business for expansion opportunities,” said Mr. Lee Seng Huang, the Group Executive Chairman.

First half revenue in 2021 was HK$2,096.0 million (1H2020: HK$2,042.9 million), which mainly consisted of interest income from Financing Business amounting to HK$1,966.6 million. Pre-tax profit for first half 2021 increased by 238.3% to HK$3,215.7 million (1H2020: HK$950.5 million), and was mainly driven by significant gains in the Group’s Investment Management.

 

Pre-tax profit of Investment Management for the period was HK$2,312.2 million (1H2020: HK$436.3 million after re-presentation), increasing by 430.0%, due to the strong performance across all asset classes and a total realised gain and interest income of HK$1,611.5 million.

 

Financing Business also improved and generated pre-tax profit of HK$919.4 million (1H2020: HK$607.8 million after re-presentation), up 51.3%, continuing to be a consistent contributor to the Group’s pre-tax profit.

 

Segment Performance

 

Pre-tax Contribution for the

6-month ended

 

Segment Assets as at 

(HK$ Million)

Jun 2021

Jun 2020

 

Change

 

Jun 2021

 

Dec 2020

FINANCING BUSINESS

 

 

 

 

 

 

 

 

Consumer Finance

871.9

520.0

 

+67.7%

 

18,477.6

 

17,937.0

Specialty Finance

 (11.4)

22.3*

 

N/A

 

1,479.4

 

3,153.0

Mortgage Loans

58.9

65.5

 

-10.1%

 

3,490.9

 

3,117.4

 

INVESTING BUSINESS

 

 

 

 

 

 

 

 

Investment Management

2,312.2

436.3*

 

+430.0%

 

20,298.97

 

14,603.4

GMS

(15.9)

(93.6)

 

-83.0%

 

3,907.2

 

5,272.4

Total

3,215.7

950.5

 

+238.3%

 

47,654.0

 

44,083.2

 

 

 

 

 














* Re-presented following the removal of Strategic Investments segment and regrouping its items in the second half of 2020.

 

Investment Management

Despite the continuous challenges and uncertainties of the global financial markets, the Group’s Investment Management segment has appropriately navigated the evolving dynamics in the public markets and completed several successful exits, leading to its significant contribution of HK$2,312.2 million to pre-tax profit, a substantial increase of 430.0% from the HK$436.3 million contributed for the first half of 2020.

This business has grown to over HK$20.2 billion in assets since it launched and has built out a well-diversified portfolio consisting of investments in Public Markets, Alternatives and Real Assets.

 

The Public Markets portfolio consists of an internally managed credit strategy and corporate holdings, which achieved the outstanding performance, with a six-month return of 23.6% and assets of HK$4,500.8 million during the period. In particular, the Corporate Holdings segment delivered a solid portfolio performance with a six-month return of 35.3% and surpassed the performance of S&P 500 Index, NASDAQ 100 Index and MSCI World Index over the same period.

 

The Alternatives portfolio also delivered sound returns, representing a six-month return of 13.7% and HK$13,440.5 million assets in the first half of 2021. Of which, the Private Equity segment recorded strong combined returns of 17.7% in the first half of 2021 mainly contributed by successful exits from several flagship investments such as Fairstone Holdings Inc and other exits in healthcare and TMT sector.

 

Funds Management

In the first half of 2021, we formally established our Funds Management vehicle – Sun Hung Kai Capital Partners with SFC Type 1 & 9 licenses. Four partnerships have been launched on this platform, namely East Point Asset Management, E15VC, ActusRayPartners, and Multiple Capital Investment Partners. SHK & Co. committed total seeding capital of over US$280.0 million, laying solid foundation for the growth and performance generation in the coming years.

 

SHK Latitude Alpha Fund, the previously in-house Fund of Hedge Funds (“FoHF”) strategy, was also launched in July 2021 with SHK & Co.’s commitment of US$330 million.

 

Financing Business

The Group’s Financing Business division comprises of Consumer Finance, Specialty Finance and Mortgage Loans businesses in Hong Kong and Mainland China.

 

The Consumer Finance business conducted via its majority-owned subsidiary United Asia Finance Limited (“UAF”) has been a consistent and resilient income contributor to the Group. UAF’s pre-tax contribution to the Group amounted to HK$871.9 million, an increase of approximately 68% compared to the first half of 2020. Revenue increased by 7% and the total loan balance at the end of the period, on a gross and net basis (after impairment allowance), increased by 16% and 17%, respectively, year-on-year. Given management’s proven track record of managing all up and down cycles during turbulence times over the last two years, it remained cautiously confident that UAF can deliver a promising full year performance.

 

The Group’s Mortgage Loans business is operated by its majority-owned subsidiary Sun Hung Kai Credit Limited (“SHK Credit”). SHK Credit also entered the next phase of growth and will strive for enhancement in business scale, revenue mix, capital and funding structures as well as product and services to our customers as the Hong Kong economy and property market is starting to recover in the first half of 2021.

 

Outlook

Looking ahead for the second half of 2021 and potentially a large part of 2022, we expect volatility and challenges to persist as a result of uneven recovery across the globe. The Group is cautiously optimistic about the prospects and development of our various business segments and will maintain high levels of liquidity as we navigate these challenges.

 

Mr Lee added, “The strong performance of our Investment Management business and establishment of the Funds Management platform have demonstrated our commitment and execution ability as we continue with our transformation into the leading alternative investment platform in Hong Kong. The Group is committed to delivering sustainable risk-adjusted returns over the long term with sound governance and risk controls through all market conditions.”

 

About Sun Hung Kai & Co. Limited

Sun Hung Kai & Co. Limited (SEHK: 86) is a leader in alternative investing headquartered in Hong Kong. Since its establishment in 1969, the Group has owned and operated market-leading platforms in Financial Services. The Group invests across public markets, alternatives and real assets and has an established track record of generating long-term risk adjusted returns for its shareholders. Most recently, it has extended its strategy to incubate, accelerate and support emerging asset managers in the Asian region. It is also the major shareholder of leading Consumer Finance firm, United Asia Finance Limited. The Group currently holds about HK$48 billion in total assets as at 30 June 2021.

For more information about SHK & Co., please visit its corporate website www.shkco.com.

#SunHungKai

Laos Economy Recovers, Falters Again Under Covid-19

By
Laotian Times
-
Laos economy in 2021
Vientiane Life Center (Photo: Phaen YTK)

The economy of Laos is on course for moderately improved growth in 2021, despite the second wave of Covid-19 denting the promising economic recovery made early in the year.

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Laos Records Over 400 New Cases of Covid-19 and New Deaths

By
Laotian Times
-
Covid-19 cases skyrocket in Savannakhet
Covid-19 cases skyrocket in Savannakhet (Photo: Jason Rolan)

Laos has recorded over 400 cases of Covid-19 today as cases spread through prisons in Savannakhet Province.

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Laos Records Sixty Road Deaths in July

By
Laotian Times
-
Road Accidents Continue to Plague Vientiane Capital

Laos recorded 60 road deaths in July despite covid restrictions and lockdown measures in place across various provinces.

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Redress Design Award 2021 Finalists’ Photoshoot Offers Glimpse at Grand Final Fashion Show

By
Laotian Times
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HONG KONG SAR – Media OutReach – 19 August 2021 – ​​Environmental charity, Redress, releases a preview of never-before-seen runway looks from the Redress Design Award 2021 Finalists offering a glimpse of what will be showcased at the Grand Final Fashion Show on 11 September held in Hong Kong – and livestreamed to the world. The photoshoot, styled and shot by two leading Hong Kong creatives Kieran Ho and Karl Lam, is inspired by aesthetics of cyberspace with models set on a backdrop of gradient light, representing the ether of the virtual world. An exclusive extended version of the shoot where virtual and physical models meet will be showcased in the October 2021 edition of VOGUE Hong Kong.

 

The Redress Design Award is organised by environmental charity Redress, and supported by Create Hong Kong (CreateHK) of the Government of the Hong Kong Special Administrative Region as the lead sponsor. The finalists’ collections were delivered safely to Hong Kong in time for the photoshoot via competition sponsor UPS, using their carbon neutral shipping service.

 

In less than four weeks, the 10 finalists will present their signature waste reducing collections to an esteemed panel of international judges – among them returning powerhouses Orsola de Castro (Fashion Revolution), Desiree Au (Vogue HK) and Mahmoud Salahy (Timberland) – in a bid to be named the winner of the Redress Design Award 2021. Following their runway victory, the first prize winner will join VF’s Timberland team to collaborate on a design project, working closely with the VF Corporation Sustainability & Responsibility team to ensure that materials and design strategies maximise sustainability. They will gain exciting insights from across the supply chain from sourcing to product development, while deepening their skills and understanding around sustainable production and marketing. The runner-up prize winner will receive a valuable mentorship opportunity with Orsola de Castro.

 

The creative direction of the editorial photoshoot reflects the digital future of fashion and spotlights the forward-thinking designers tackling fashion’s waste predominantly through reconstruction, upcycling and zero-waste techniques. In response to the core brief of the competition, the finalists give second life to a variety of waste from end-of-rolls or samples, and consumer waste, like suits and uniforms; through to more unusual waste streams like damaged camping equipment and old sailing flags.

 

Participating from their homes across the world – Germany, Hong Kong, India, Mainland China, Taiwan, United Kingdom, and the United States of America  – as part of the upcoming Grand Final Week the finalists will continue their educational journey through in-depth  challenges with a focus on design for circularity in partnership with VF Corporation and TAL Group, and will join a selection of masterclasses to support their future careers.

SAVE THE DATE FOR THE GRAND FINAL FASHION SHOW

 

The Redress Design Award 2021 Grand Final Fashion Show is open to an exclusive VIP in-person audience and will be livestreamed globally on Saturday 11 September 2021, at 6:30pm (HKT) /12:30pm (CET) via Facebook and Weibo. Save the date here: https://fb.me/e/1zmpxj3Zj

 

The Redress Design Award 2021 Photoshoot Credits:

● Models: Beanju C and Alfred J

● Creative Stylist: Kieran Ho

● Photographer: Karl Lam

● Hair: Marco Chan for KMS

● Make-up: Karen Yiu for Hong Kong Makeup Artist

● Venue: Karl Studio, Chai Wan, Hong Kong

 

Download the photoshoot images here:

https://www.dropbox.com/sh/culzxtal5bpiqab/AAAiryvdguQ0c8YP7LrxbQfia?dl=0

Editor’s notes:

●      Read more about the Redress Design Award 2021 finalists at https://www.redressdesignaward.com/finalists

●      The Redress Design Award 2021 International Judges are Orsola De Castro, Fashion Designer, Global Creative Director and Co-founder, Fashion Revolution; Desiree Au, Founding Publisher of Vogue Hong Kong; Angus Tsui, Creative Director, ANGUS TSUI and Alumnus, Redress Design Award; Cecilie Thorsmark, CEO, Copenhagen Fashion Week; Mahmoud Salahy, Vice President & Managing Director, Timberland APAC; Sean Cady, Vice President, Global Sustainability, Responsibility and Trade, VF Corporation; Jeannie Renné-malone, Vice President, Global Sustainability, VF Corporation; and Christophe Degoix, Chief Operating Officer, TAL Apparel Ltd.

●      The Redress Design Award 2021 was open to emerging designers and students with less than four years’ professional experience from around the globe, focusing on womenswear and menswear fashion design.

●      The Redress Design Award is run by environmental NGO, Redress, and supported by Create Hong Kong of the Government of the Hong Kong Special Administrative Region as the Lead Sponsor. Other key partners include VF Corporation, TAL Group, UPS, and Avery Dennison.

●      The Redress Design Award 2021 Prizes are:

         ○      First Prize: The Redress Design Award 2021 with VF Corporation’s Timberland. Win the opportunity to collaborate on a design project, learn design strategies to maximise sustainability, and receive HK$50,000 as development funding.

         ○      Runner-Up Prize: The Redress Design Award Mentorship with Orsola de Castro and receive HK$15,000 (US$1,900) as development funding and other notable prizes.

         ○      Hong Kong Best Prize: The top Hong Kong applicant will win a guaranteed place in the Grand Final and receive HK$15,000 (US$1,900) as development funding and other notable prizes.

         ○      More details can be found at https://www.redressdesignaward.com/2021/prizes

About Redress (www.redress.com.hk)

Redress is a pioneering environmental charity working to prevent and transform textile waste in the fashion industry. Its dynamic programmes work to minimise the negative impacts of fashion, whilst promoting innovative new models and driving growth towards a more sustainable industry via the circular economy. Working directly with a wide range of stakeholders, including designers, manufacturers, brands, educational bodies, government and consumers, Redress aims to create lasting environmental change in fashion.

The Redress Design Award is the world’s largest sustainable fashion design competition working to educate emerging fashion designers around the world about sustainable design theories and techniques in order to drive the shift towards a circular fashion system. By putting sustainable design talent in the global spotlight, the competition creates a unique platform for passionate and talented fashion game-changers to transform the global fashion industry and rewards the best with career-changing prizes to maximise long-term impact. Create Hong Kong of the Government of the Hong Kong Special Administrative Region is the Lead Sponsor of the Redress Design Award. www.redressdesignaward.com

IG: https://www.instagram.com/getredressed/
FB: https://www.facebook.com/RedressDesignAward

#Redress

About Create Hong Kong (www.createhk.gov.hk)

Create Hong Kong (CreateHK) is a dedicated agency set up by the Government of the Hong Kong Special Administrative Region in June 2009. It is under the Communications and Creative Industries Branch of the Commerce and Economic Development Bureau and dedicated to spearheading the development of creative industries in Hong Kong. Its strategic foci are nurturing talent and facilitating start-ups, exploring markets, and promoting Hong Kong as Asia’s creative capital and fostering a creative atmosphere in the community.

CreateHK has been sponsoring the Redress Design Award (formerly the EcoChic Design Award) since 2011 to promote Hong Kong’s fashion design.

*Disclaimer: The Government of the Hong Kong Special Administrative Region provides funding support to the project only, and does not otherwise take part in the project. Any opinions, findings, conclusions or recommendations expressed in these materials/events (or by members of the project team) are those of the project organizers only and do not reflect the views of the Government of the Hong Kong Special Administrative Region, the Communication and Technology Branch of the Commerce and Economic Development Bureau, Create Hong Kong, the CreateSmart Initiative Secretariat or the CreateSmart Initiative Vetting Committee.

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