Letters | China Shipping's revenue in the first quarter of 2024 was RMB36.5 billion, and Country Garden's three onshore bonds were successfully extended for the second time

Ministry of Housing and Urban-Rural Development: The transformation and development of housing and urban-rural construction is inseparable from the guidance and support of standards

Recently, Ni Hong, Secretary of the Party Leadership Group and Minister of the Ministry of Housing and Urban-Rural Development, went to the Ministry of Standards and Quota Research Institute to investigate the construction standards and project cost reform, think tank construction and other work, and presided over a symposium.

Ni Hong pointed out that the mainland economy has shifted from a stage of rapid growth to a stage of high-quality development, and the people's requirements for housing and urban-rural construction have shifted from "whether there is any" to "whether it is good or not", and the transformation and development of housing and urban-rural construction is inseparable from the guidance and support of standards.

He said that it is necessary to deepen the reform of the engineering construction standard system, do a good job in the formulation of mandatory engineering construction specifications, encourage enterprises to innovate and formulate standards that lead the development of the industry, and provide a solid guarantee for improving the quality of engineering construction and construction quality. It is necessary to solidly promote the reform of project cost, explore the transformation to engineering audit, and strengthen the formation mechanism of the project cost market. It is necessary to strengthen international exchanges, deepen cooperation with countries along the "Belt and Road" in engineering construction projects, and promote the internationalization of engineering construction standards.

Ni Hong said that the Ministry of Standards and Quota Research Institute is a national scientific research institution integrating engineering construction standardization, project cost, and economic analysis and evaluation of construction project investment, and is a standardization engineering technology innovation center of the Ministry, which plays an important role and has great responsibilities in promoting the high-quality development of housing and urban-rural construction. It is necessary to focus on the main responsibilities and main business, insist on thinking clearly, doing practically, giving full play to the advantages of scientific research and technology, and serving the transformation and upgrading of the industry. It is necessary to strengthen the construction of think tanks, and strive to become the support of policy research, the staff of emergency response, and the guidance of correct public opinion. It is necessary to do a good job in cultivating talents, build more platforms and burdens for young people, and improve their professional quality and work skills. It is necessary to strengthen team building, create a good atmosphere of unity and struggle, entrepreneurship, stimulate the enthusiasm, initiative and creativity of the majority of cadres and workers, and contribute to the high-quality development of housing and urban-rural construction.

China Shipping's revenue for the first quarter of 2024 was RMB36.5 billion and operating profit was RMB6.65 billion

On April 24, China Overseas Land & Investment Limited released its business review, operating conditions and financial performance announcement for the first quarter of 2024.

According to the announcement, in terms of contracted property sales, in the first quarter, COLI, together with its associates and joint ventures, achieved contracted property sales of RMB60.21 billion, with a corresponding sales area of 2.02 million square meters. During the period, two new plots of land were added in two cities in Chinese mainland, with a total construction area of 140,000 square meters and a total land price of RMB1.60 billion.

In terms of financial performance, for the three months ended 31 March 2024, COLI's revenue was RMB36.50 billion, up 14.4% year-on-year, operating profit was RMB6.65 billion, and operating profit after net foreign exchange gain and loss increased by 22.2% year-on-year.

China Overseas said that the group continued to maintain a solid financial position and strong cost advantage, and the net borrowing ratio and financing cost remained at the low level of the industry.

Country Garden's three onshore bonds were successfully extended for the second time, and the redemption time was postponed to September

On April 24, according to media reports, Country Garden's "21 Bidi 01", "21 Bidi 04" and "21 Bidi 02" secondary extension plans were voted and approved, and part of the principal and interest payment was postponed to September.

The original extension plan stipulates that Country Garden shall pay the interest of "21 Bidi 01" for the period from March 12, 2023 to March 11, 2024, and 2% of the principal and corresponding interest on April 12, 2024, and 2% of the principal and corresponding interest of "21 Bidi 04" on March 17, 2024, and both bonds will not be paid on time and enter a grace period of 30 trading days.

"21 Bidi 02" is due to pay interest on June 15 this year.

Cheung Kong Group spent HK$7.4 billion to acquire Northern Ireland's largest gas distribution network

On April 24, Cheung Kong Infrastructure Holdings Limited announced that a consortium consisting of CK Infrastructure Group Co., Ltd., Cheung Kong Asset Holdings Limited and Power Assets Holdings Limited had reached an agreement to acquire 100% of the rights of Phoenix Energy, a gas distribution network in Northern Ireland.

The acquisition is valued at £757 million (approximately HK$7.4 billion) and is expected to close by the end of April 2024.

Viewpoint New Media learned that Cheung Kong Infrastructure and Cheung Kong each accounted for 40% of the consortium's equity, while Power Assets held 20% of the equity.

According to the data, Phoenix Energy is one of the three distribution networks in Northern Ireland, which was first put into service in 1996 and is now the largest gas distribution company in Northern Ireland with a leading position in the market. The gas network covers 78% of the pipeline in Northern Ireland and serves 48% of the population of Northern Ireland, including the Greater Belfast region.

China Merchants Shekou: The development business is still the "basic market" anchoring the top five in the industry

On April 24, four Shenzhen-listed companies under China Merchants Group, namely China Merchants Shekou, China Merchants Jiyu, China Merchants Port and China Merchants Highway, held a collective performance briefing in the listing hall of the Shenzhen Stock Exchange.

At the meeting, Zhu Wenkai, general manager of China Merchants Shekou, said that under the severe market situation, the development business is still the "basic plate" of China Merchants Shekou, an important guarantee for the company's scale and profits, and a resource base for transformation and development. In the context of continuous and in-depth adjustment of the industry, the importance of city selection is becoming increasingly prominent.

The company adheres to the principle of "regional focus and deep cultivation of cities", and is guided by the standard of "five good" (good city, good policy, good project, good team, and good region), formulates a city optimization research system, and drives the high-quality allocation of the company's resources. He also proposed that China Merchants Shekou should continue to carry forward its comprehensive strength and anchor the goal of the top five in the industry.

Wanwuliang signed a contract with SM Group to provide property management services for Xiamen SM International Center

On April 24, Wanwu Liang announced that it has signed a cooperation agreement with Xiamen SM Commercial City Co., Ltd., a subsidiary of SM Group in the Philippines, to provide a full range of property and facility management services for SM International Center in Xiamen.

Expected to be operational in the second half of 2024, the center is located in Xiamen's popular business district, adjacent to SM Xiamen City Plaza, and its main functions include office, commercial and parking facilities.

SM Group is a leader in the retail, banking and real estate markets in the Philippines and is active in the real estate, retail and financial sectors in China. ITS LISTED COMPANIES HAVE A SIGNIFICANT SHARE OF THE PHILIPPINE STOCK MARKET, WITH SM PRIME HOLDING BEING ONE OF THE LARGEST REAL ESTATE DEVELOPERS IN SOUTHEAST ASIA.

In this cooperation, Wanwuliang will intervene in the pre-service team to ensure the safety and efficient management of the building, and after the project is opened, a professional team of 50 people will be set up to provide comprehensive and refined operation and management services.

Yida China reached a consensus with the petitioner to seek to withdraw the winding-up petition and cancel the hearing

On April 24, Yida China Holdings Limited released inside information related to the latest announcement of the company's winding-up petition.

The latest information shows that Yida China and the Petitioner have reached a consensus and the Company and the Petitioner have signed a consent summons to seek an order to agree, among other things, to withdraw the Petition and cancel the hearing.

According to previous reports by Guandian New Media, on March 11, Yida China received a winding-up petition against the company filed by the petitioner, Anye Financial Printing Co., Ltd., to the High Court of the Hong Kong Special Administrative Region on March 7, involving the company's outstanding overdue amounts totaling HK$889,300.

Yida China said at that time that the company would strongly oppose the petition and believed that the petition did not represent the interests of other stakeholders and could damage the value of the company. The Company will take action to resolve the dispute with the Petitioner and procure the withdrawal of the Petition as soon as possible. The petition is not expected to have a significant impact on the Group's overall onshore business in the short term. If no settlement is reached between the petitioner and the company, the company will seek legal advice on the application for an recognition order and take all legal measures to protect its legal rights.

Hong Kong Court: Hongyang Property Liquidation Hearing Adjourned to June 26

On April 24, according to the website of the Hong Kong Judiciary, the hearing of the winding-up petition of Hongyang Real Estate has been postponed to June 26.

In February, Hongyang Real Estate received a liquidation petition in Hong Kong, and the London branch of Bank of New York Mellon was the other party to the case.

Prosperity City Services passed the listing hearing of the Hong Kong Stock Exchange

On April 24, Hongying City Operation Service Group Co., Ltd. successfully passed the listing hearing of the Hong Kong Stock Exchange, and the sole sponsor of the listing was CICC.

According to a previous report by Guandian New Media, on March 15, Hongying Urban Operation Service Group Co., Ltd., a state-owned urban service and operation provider headquartered in Changsha, issued a prospectus on the Hong Kong Stock Exchange again.

According to the prospectus, the company's controlling shareholder, Changsha Urban Development Group Co., Ltd. (Urban Development Group Corporation), is wholly owned by Changsha State-owned Assets Supervision and Administration Commission, and directly owns the interests and has the right to exercise 95% of the voting rights of Hongying Services. In 2023, the company's total revenue was $652 million, the total profit and comprehensive income for the year were $70.2 million, the total number of projects in all business segments increased from 299 in 2021 to 360 in 2023, and the total gross floor area under management of property management services and commercial operation services increased from 11.2 million square meters in 2021 to 11.8 million square meters in 2023.