Times Property Is Renamed Times China with the Eye-catching "First Announcement" of RMB 41.6 Billion
On March 1, 2018, Times China Holdings Limited (01233.HK) held the Annual Results Announcement 2017 and Renaming Ceremony in Hong Kong. The management of Times China Holdings Limited, such as Mr. Shum Chiu Hung, chairman of the board, executive director and CEO, the executive directors Mr. Guan Jianhui, Mr. Bai Xihong, Mr. Li Qiang, Mr. Shum Siu Hung, Mr. Niu Jimin and the CFO and Co-Secretary Mr. Lui Wai Pang, the investors, the reporters, etc. attended the ceremony.
•Annual Results Announcement 2017 and Renaming Ceremony of Times China Holdings Limited
At the ceremony, Mr. Shum Chiu Hung, board chairman of Times China Holdings Limited officially announced that Times Property had been renamed "Times China" and introduced the new positioning of "urban development service provider" and the new prospect of "Becoming a Fortune Global 500 company" of Times China to the outside world for the first time.
• Mr. Shum Chiu Hung, board chairman, executive director and CEO of Times China Holdings Limited, delivered a speech
A New Era and a Better Life Begin Now: The Full Speech of Mr. Shum Chiu Hung
Dear friends from the media, ladies and gentlemen,Thank you for coming!
Welcome to the Annual Results Announcement 2017 and Renaming Ceremony of Times China. From now on, we have a new name: Times China, a new name to which we devote more expectations. It closely connects us to the word "China." It is also a milestone in the development of Times, symbolizing that a new era and a great dream from now on.
The name of the company mainly changes in these three aspects: First, the full name of the company is changed to "Times China Holdings Limited." Second, the Chinese abbreviation of the company is changed to "Shidai Zhongguo" (Times China) and the English abbreviation of the company is changed to "TIMES CHINA" at the same time. Third, the stock abbreviation of the company is changed to "TIMES CHINA" and the stock code of 01233 remains unchanged.
Times has always been devoted to the pursuit of "helping more people live the lifestyle they are longing for." For this reason, Times members have worked ingeniously for eighteen years, starting from the Pearl River Delta, and have provided high-quality residential services for hundreds of thousands of owners. But we feel that this is far from enough, and the mission of Times is calling us: Our journey is the sea full of stars and we need to create value for "more people."
It is not only simply a change of two words from "Times Property" to "Times China," but also means that we follow the corporate mission to enter a greater historical journey. And it blows our horn to proceed to "a better era."
To this end, Times China has set a new prospect, established a new positioning and erected new goals.
The new prospect of Times China is to "Becoming a Fortune Global 500 company."
From today, we are no longer satisfied with "being the best real-estate enterprise in China," and we hope to be committed to being a Fortune Global 500 company.
"Becoming a Fortune Global 500 company" means that we need to achieve the following three points: First, we will be committed to becoming a global enterprise; Secondly, we will be committed to becoming the leading enterprise in the industry; Thirdly, we will reach the top level in the world in aspects of corporate governance, profit model, value creation, etc.
In order to achieve this prospect, the enterprise orientation will also change. The orientation of Times China will transform from the property enterprise into "urban development service provider."
The core business of Times China is property development. In the future, we will expand our business focusing on the new positioning of "urban development service provider." We should not only serve the "people" who live in cities, but also serve the "cities" where people live.
On the basis of ensuring the continuous and steady development of the core business, we will gradually develop the city renewal, industry, business, long-rent apartments, community services, logistics and warehousing, education, furniture decoration and other business sectors. And these businesses will provide services of more dimensions for more people and more cities.
Meanwhile, Times China will be committed to growing into an RMB 100 billion enterprise in the short term, which will be the first battle after the renaming of Times China, and I also solemnly invite you all to share the triumphant results of our efforts.
Dear friends, the renaming of "Times China" form "Times Property" is the beginning of an era and the beginning of a dream. And it means that we have entered a new journey, which means a great deal to us.
Times China will, as always, uphold the values of "love, commitment and creation" and commit itself to helping more people live the lifestyle they are longing for.
Mr. Shum Chiu Hung, board chairman of Times China
• During the toast ceremony, the management of Times China Holdings Limited proposed toast together to celebrate the renaming of the company
Annual Results Announcement 2017 of Times China
Afterward, Mr. Lui Wai Pang, CFO and co-secretary of Times China Holdings Limited, announced the annual results of 2017. In 2017, the strategic advantages of the deep development of Guangdong-Hong Kong-Macao Greater Bay Area of Times China were highlighted, and multiple core indicators of results were conspicuous in performance, such as the contract sales, turnover and core net profit.
• Mr. Lui Wai Pang, CFO and co-secretary of Times China Holdings Limited, announced the results
The report of annual results 2017 is summarized as follows:
A number of core indicators, such as the sales and profit, soared.
In 2017, although the regulation of the property industry was intensive and continuous and the overall growth rate of commercial housing in China slowed down, Times China actively grasped the market rhythm, adopted flexible strategies and still achieved a significant improvement in many core indicators such as the sales and profit.
The sales volume of Times China reached a new level in 2017 with the contract sales exceeding RMB 41,629 million, representing a year-on-year growth of 41.9%.
The company’s profitability increased steadily, with the turnover reaching RMB 23.11 billion in 2017, up 42.6% from the same period last year. The net profit for the whole year was RMB 3.34 billion, with the year-on-year growth of 68.5%. The core net profit was RMB 3.20 billion, with the year-on-year growth of 74.7%. The core profit attributable to shareholders was RMB 2.53 billion, with the year-on-year growth of 40.0%. The gross profit margin and the core net profit margin were 27.9% and 13.9% respectively, with the year-on-year growth of 1.7 and 2.6 percentage points respectively. The company achieved the earnings of RMB 1.15 per share, with the year-on-year growth of 33.6%. The diluted earnings per share were RMB 1.45, with the year-on-year growth of 35.5%. The distributed final dividend that the board recommended was 41.43 cents per share, up 31.5% from the 31.51 cents in 2016.
On the basis of ensuring enough land reserves and available supply of goods, Times China adopted sound financial strategies to explore diversified financing channels, further reduce financing costs and improve the financial structure. The average financing cost for Times China in 2017 declined to 7.6% from 8.32% in 2016. By the end of 2017, the net debt ratio of Times China was 57.6%, below the industry average. At the same time, Times China also maintained good liquidity, with the cash balance of RMB 17.21 billion, with the year-on-year growth of 44.8%, which can fully cover the short-term liabilities due within one year.
Deep Development of Guangdong-Hong Kong-Macao Greater Bay Area
Land reserves laid a solid foundation for development.
In 2017, Times China continued to focus on the deep development of Guangdong-Hong Kong-Macao Greater Bay Area. By the end of 2017, the city layout of Times China had covered the economically developed cities of the Pearl River Delta region, such as Guangzhou, Shenzhen, Foshan, Dongguan, Zhuhai, Huizhou, Zhongshan, Jiangmen, and Qingyuan and Changsha (in Hunan Province). Most of them are located in the Guangdong-Hong Kong-Macao Greater Bay Area, due in large part to its great geographical advantages and development potential.
Times China actively expanded its high-quality, low-cost land reserves in 2017, doing so through a variety of channels including bid-auction-listing, cooperation, acquisition and city renewal, thus laying a good foundation for the company's future development. Among them, the company acquired 25 parcels representing a total planned floor area of 4.99 million square meters. As of December 31 the total land reserves of Times China amounted to 16.84 million square meters, posting year-on-year growth of 28.9%. Times China also made progress in regard to city renewal and reconstruction. As it effectively promoted the original city renewal projects, the company also signed multiple agreements on city-renewal project cooperation in cities such as Guangzhou, Foshan, Shenzhen, Dongguan, Zhongshan, Zhuhai and Huizhou.
As for the industrial town, the company's "Times Smart Town" strategy was implemented with breakthrough progress. By the end of 2017, Times China had signed 22 framework agreements for the cooperative development of towns with the local governments of Guangzhou, Foshan, Zhongshan, Zhuhai, Huizhou, Dongguan and others. Additionally, it established working relationships with more than 60 of the global industry's leading enterprises, including Siemens, SAP and Microsoft. The company even built product models in the sectors of intelligent manufacturing, comprehensive health, big data, cultural tourism and other fields. Thanks to its capabilities in regard to industrial landing, a solid foundation for regional industry transformation and city upgrading was established.
Times Property is renamed Times China
New prospect, a new positioning and new goals were established
Certainly the year 2017 was the one in which China deployed is strategy for the future and marched toward a new and historic orientation, but it is also the year when Times China deployed its own strategy for the medium and long terms. On March 1, Times China announced its annual results for 2017 as well as its prospect, new positioning and new goals.
The corporate mission of Times China, subsequent to the renaming, was adjusted from "being the best real-estate enterprise in China" to "becoming a Fortune Global 500 company." Times China said at the ceremony, this meant that Times China would be committed to becoming a global enterprise, becoming the leading enterprise in the industry and reaching the world's top level in the combined contexts of corporate governance, profit model and value creation.
Times China also established the new positioning of "urban development service provider," strategically upgrading from the traditional property enterprise to the urban development service provider. Today, the core business of Times China is real-estate development. In the future, it will also expand its business focusing on the new positioning of "urban development service provider," not only serving the "people" who live in cities, but also serving the "cities" where people live. Times China will be committed to providing multi-dimensional services for urban development, and on the basis of ensuring the continuous and steady development of the core business, it will gradually develop the city renewal, industry, business, long-rent apartments, community services, logistics and warehousing, education, furniture decoration and other business sectors.
Concurrently, Times China deployed new goals and redoubled its efforts to become an RMB 100 billion business in the near future.
• Management of Times China Holdings Limited
a) The full name of the company is changed from "Times Property Holdings Limited" to "Times China Holdings Limited."
b) The company's abbreviated name is changed from "Times Property" to "Times China."
c) The company's stock abbreviation is changed from "TIMES PPT" to "TIMES CHINA."
d) The stock code of "01233.HK" remains unchanged.