Financial Highlights
Six months ended June 30 2000 1999 YOY
HK$'000 HK$'000 (%)
Turnover 519,770 625,997 -17.0
Net profit 89,964 118,110 -23.8
Basic earnings per share 9 cents 12 cents -25.0
Interim dividend 1 cents 3 cents -66.7
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(September 25, 2000 - Hong Kong) - Hopson Development Holdings Limited ("Hopson Development" or the "Company", together with its subsidiaries, the "Group", stock code: 754) today announced its interim results for the six months ended June 30, 2000. The Group recorded turnover totaled HK$519,770,000. Net profit attributable to shareholders was HK$89,964,000.
The Board of Directors recommended the payment of an interim dividend of HK$1 cent per share (1999: HK$3 cents).
The macro economic environment in the first half of 2000 experienced steady development. According to official statistics, the GDP growth of the nation achieved 8.2%, whereas Guangzhou exhibited a 14.3% increase. The disposable income of Guangzhou residents was also improved by 17% as compared with the same period last year.
Mr. Stones Tse, Managing Director of Hopson Development, said, "The pro-active measures were still playing indispensable roles in maintaining the market momentum. Both supply and demand sides remained active, notwithstanding that prices were relatively stagnant. The implementation of new housing policy has not created demand discontinuity, as reflected in the fact that transaction volume was kept at same level as compared with last year. The transacted floor areas of commodity properties as recorded also exceeded the approved areas for the first half of the year, implying healthy market absorption."
During the period under review, the Group's projects available for sales were Regal Court, Gallopade Park, Huajing New City and Fairview Garden. The Group achieved property sales of approximately RMB 582 million, representing approximately 94,000 sq.m., or approximately 945 residential units.
The breakdown of property sales for the period under review is as follows:
Contracted sales Sales/Pre-sale GFA
(RMB million) ('000 sq.m.)
Gallopade Park 255 45
Regal Court 181 22
Huajing New City 90 16
Fairview Garden 55 10
Others 1 1
Total 582 94
Projects of the Group were in satisfactory progress, according to or even ahead of planned schedule. In March, 23 mid-rise blocks of Gallopade Park and 4 high-rise blocks of Huajing New City Phase 6 were in occupancy. Besides, 2 mid-rise blocks of Fairview Garden were also completed in June and 5 high-rise blocks of Regal Court were started to hand-over to buyers from August.
As at end June, the projects under construction were Phase 2 of Regal Court, Phase 6C of Huajing New City and Phase 3 of Fairview Garden. The new projects of Riverside New City, Huanan New City, along with Pleasant View Garden, are all in active preparatory stage.
Looking ahead, Mr. Tse said that Panyu would become one of Guangzhou as well as the Group's property focus. Project for Metro Line No. 3 from Tianhe to Panyu was approved. The merging of Panyu and Huadu into Guangzhou municipality has posed more development opportunities to industry players. With consistent economic growth and improved household income, the underlying demand for quality housing remains strong. Individual buyers have dominated the marketplace for the post- housing reform era and market orientation becomes a key success factor for property development.
Mr. Tse concluded and said, 'In view of the increasing supply along the pipeline, the competition in local property market remains strong. The anticipated imbalance between supply and demand in medium term will accelerate the market selection process. The aspiration of property buyers for improved quality of living space will be influential to business strategy and product design of the property developers. Market reputation, integrated product quality and scale economy will form essential business assets. The enlarged platform caused by the larger municipality of Guangzhou further exploits the ability market players to adapt and manage changes.'
"It is planned that the Group's sale activities will be focused on existing projects until early next year when the Group's new projects can be put into market. Given the large scale and excellent location of the upcoming projects, it is believed that the Group will be able to capture substantial sales revenues for the years to come, thereby offering good opportunity for the Group's business growth."
For further information, please contact:
iPR ASIA Limited
Tina Law/ Natalie Tam
Tel: 2136 6181/ 2136 6182
Fax: 2136 6118/ 2136 6068
E-mail: info@iprasia.com.hk
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