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Tuesday, 11 June 2019, 16:00 HKT/SGT
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Source: China Overseas Holdings Limited
China Overseas' 40th Anniversary: Four Decades of Ingenuity, Embracing a Bright Future

HONG KONG, June 11, 2019 - (ACN Newswire) - The 40th anniversary reception hosted by China Overseas Holdings Ltd (China Overseas or the Group) on 6 June was a befitting success. Themed 'Driving growth from Hong Kong, Prospering motherland, Striving for world-class leadership', the event was held at the Hong Kong Convention and Exhibition Centre, graced by more than 600 guests from the local political and business sectors, and partners of the Group. During the event, China Overseas recapped its achievements of the past four decades and, in the presence of luminaries, unveiled its corporate mission, "Expanding a happy living environment", and development vision, to "Become the world's most competitive investment construction group." In the next decade, the Group will invest no less than HK$300 billion in Hong Kong, continuing to contribute to the city's economic and social advancement.

- One of the largest real estate developers and operators in mainland China and one of the largest construction contractors in Hong Kong and Macau -

In June 1979, as China forged ahead with reform and opening up, China Overseas was set up in Hong Kong. As the operational platform in Hong Kong and Macau and the property business flagship of CSCEC (ranked 23rd among the Global 500), China Overseas has remained loyal to its mission of "Developing Hong Kong and Macau. Prospering the motherland. Serving the community". It has strived to advance, working hard with passion for business development, with love for the country and dedication to shouldering responsibility, to spread love and care for China and Hong Kong. With utmost respect for "One Country, Two System" and in step with the country's reform and opening up efforts, it has built a business model supported by a complete industry chain that stretches from investment, construction to operation, giving it strong competitive advantages in realizing its value, that is to achieve growth, prosperity and a win-win outcome with the cities of today. With this at heart, China Overseas has risen to rank among the largest real estate developers and operators in mainland China and the largest construction contractors in Hong Kong and Macau today.

Well-placed in the "Belt and Road" and the Greater Bay Area regions, the Group boasts geographical and first-mover advantages, and is well-poised to contribute to the construction of the nation and regional development. Currently, the Group has a presence in all 11 cities in the Greater Bay Area and owns 230 investment projects, 859 construction projects and 367 property management projects with a total investment cost of HK$387.6 billion. By drawing on its successful experience operating businesses in Hong Kong and Macau and actively implementing its cross-regional operational strategy, the Group has established three major regional platforms in Hong Kong and Macau, mainland China and overseas, with a business reach extended to markets including London (UK), New York (US) and Sydney (Australia). It has also set up an office in Portugal and won the tender for the tallest building project in Canada and a property project in Singapore, moving forward in strides with internationalization of its business.

At the cocktail reception, a video recapping the 40-year development history of the Group was shown and exhibits were displayed to take guests down the memory lane of the Group overcoming different challenges and growing together with Hong Kong over the past four decades. CPPCC Vice-Chairman Leung Chun-ying, who was a surveyor at Jones Lang LaSalle at the time helping in the setting up of China Overseas, recalled, "Forty years ago, together with other professionals, I had the opportunity to take part in preparing for the setting up of the Group. Thus, it gives me great delight to see the Group taking strong roots and growing in strides with the city and becoming a key player in the city's construction sector."

Mr. Yan Jianguo, Vice Chairman and General Manager of China Overseas, said, "Retracing the path we have taken, we fully appreciate the fact that successful enterprises are born of their times. China Overseas will never forget the times - good and bad - it has gone through in the past four decades and is grateful for every opportunity presented to it in this great era. In 1979, the year after China embarked on reform and opening up, China Overseas was founded in Hong Kong. We are so fortunate to be able to play a part in the city flourishing as one of the 'Four Asian Tigers'. Then came 1984 and the city saw a bright future and we exerted efforts in deepening our roots here. In 1997 Hong Kong rejoined the motherland and we started to expand our business in the Hong Kong and Macau and also mainland China markets. From there and then, China Overseas has quickly grown to become the largest construction company in Hong Kong and the leader in the real estate industry in the Mainland, while also marching in strides into the international market."

- To invest no less than HK$300 billion in Hong Kong over the next decade -

In the past 40 years, China Overseas has focused on "fostering growth of Hong Kong and Macau and prospering the motherland". Mr. Yan pointed out that the Group has in those years pushed to be a part of the different facets of life of Hong Kong people, including having built 15% of all public housing, 25% of the hospitals, 70% of all water supply pipelines, and invested in and delivered a total of 21,749 private residential units. Currently, there are five listed companies in the China Overseas family and their market value in all amounted to about HK$380 billion.

Mr. Yan continued, "Hong Kong has nurtured growth of China Overseas, thus being grateful to the city and helping the city grow and serving its needs are going to be our quest forever. In the next 10 years, China Overseas intends to invest no less than HK$300 billion in the city in areas including building construction, engineering construction, real estate development, commercial assets operation, property management services, and public utilities, etc., keeping up its efforts to aid economic and social development in the city."

Mr. ZHENG Xuexuan, representative of Chairman of CSCEC, in his speech said, "China Overseas, as CSCEC's first overseas operational platform, started as a small business with capital of but HK$1 million and today it is a sizeable modern enterprise with a market capitalization of more than HK$820 billion and profit of over HK$40 billion. It has made an instrumental contribution to CSCEC's solid standing as the world's largest investment construction group, giving its parent the essential support to become a world-class business corporation."

Looking ahead, his wish for China Overseas is that it could make the best of its two core markets and the resources respective, build on its roots in Hong Kong and the backing from the Mainland, and guided by a global vision, to strive for bigger achievements in aiding Greater Bay Area and "Belt and Road" construction. CSCEC will diligently follow and uphold the "Build the Two Best" spirit advocated by President of the People's Republic of China Xi Jinping, put its weight behind China Overseas in growing bigger and stronger in the Hong Kong and Macau region and contributing to the steady implementation of "One Country, Two Systems" in the SARs.

Chief Executive of the HKSAR, Mrs. Carrie Lam Cheng Yuet-ngor, congratulating China Overseas on its 40th Anniversary, said, "Projects of the Group has participated in can be found all over Hong Kong and the Mainland. The projects in Hong Kong included public and private housing, office buildings and monumental infrastructure like the Hong Kong link of the Hong Kong-Zhuhai-Macao Bridge, the Central-Wanchai Bypass, plus also schools and community facilities. Worthy of mention is the Fire and Ambulance Services Academy in Tseng Kwan O, which is an international grade training facility. The Group has indeed contributed to Hong Kong becoming the international metropolis it is today."

- Expanding a happy living environment and become the World's Most Competitive Investment and Construction Group -

Entering a new era, starting a new journey: at the cocktail reception, showing the video titled "New Dreams in a New Era," China Overseas unveiled its "Expanding a happy living environment" corporate mission and "Becoming the world's most competitive investment construction group" development vision, complemented by a launch ceremony together with all officiating guests, pushing the evening to its climax.

As a good corporate citizen, China Overseas has adhered to its original aspiration in the past 40 years. It hopes to contribute long-term benefits to society while striving for good business performance. China Overseas has been active in fulfilling its social responsibility, insisting on creating an expansive environment that brings happiness to all stakeholders, starting with "a safe and inclusive working environment, a non-corrupt and efficient governance environment, a low-carbon and eco-friendly green environment and pleasant and livable space," thereby bringing positive energy to society. Over the years, the Group has focused its social responsibility efforts on three areas: education, environmental protection, and poverty alleviation and disaster relief.

Through the establishment of its China Overseas Charity Fund, the Group has been actively giving back to society, including donating to the construction of 14 China Overseas Hope Schools in the poor areas in mainland China, organizing social inclusion activities for children in the Mainland and Hong Kong, and participating in the relief work after Hong Kong and Macau were hit by typhoons. The Group has donated a total of over HK$195 million and has received such honors as the China Charity Federation - Outstanding Contribution Award and the State-owned Enterprise Outstanding Social Practice Award. Other awards and acclaims it earned included the United Nations' "Better World Company," Hong Kong Outstanding Corporate Citizenship Awards, Asia Corporate Excellence & Sustainability Awards, and others.

Looking ahead, China Overseas will persevere with expanding a happy living environment as it embarks on the new journey of building itself into a world-class enterprise and the world's most competitive investment construction group, and helping Hong Kong integrate into the nation's overall development, giving its best in pursuing its dreams.

Officiating guests of the event included Mr. Leung Chun-ying, Vice Chairman of National Committee of the Chinese People's Political Consultative Conference; Mrs. Carrie Lam Cheng Yuet-ngor, Chief Executive of the HKSAR Government; Mr. Matthew Cheung Kin Chung, Chief Secretary for Administration of the HKSAR Government; Mr. James Henry Lau, Acting Financial Secretary of the HKSAR Government; Mr. HE Jing, Deputy Director of Liaison Office of the Central People's Government in the HKSAR; Mr. YANG Yi Rui, Deputy Commissioner of Office of the Commissioner of the Ministry of Foreign Affairs of the People's Republic of China in the HKSAR; Major General TIAN Yong Jiang, Deputy Commander of the Chinese People's Liberation Army Hong Kong Garrison; Mr. WANG Xin Dong, Secretary General of Liaison Office of the Central People's Government in the Macao S.A.R.; Mr. Wang Xiang Ming, Director and General Manager of China Resources (Holdings) Co., Ltd.; Mr. SUN Xiang Yi, Head of Ministry of Economic Affairs of Liaison Office of the Central People's Government in the HKSAR; Mr. ZHANG Xia Ling, President of The Hong Kong Chinese Enterprises Association, Mr. ZHENG Xuexuan, representative of Chairman of China State Construction Engineering Corporation (CSCEC), and Mr. YAN Jianguo, Vice Chairman and President of China Overseas Holdings Limited.



Topic: Press release summary
Sectors: Daily Finance, Const/Eng
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