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Wednesday, 19 March 2014, 15:02 HKT/SGT

Source: China SCE Group Holdings Limited
China SCE Recognized Revenue Soared over 81% to RMB 6.59 billion in FY2013
- Geographical Expansion to Yangtze River Delta Economic Zone
- Land Bank with Total GFA amount to 10.81 million sq.m.

HONG KONG, Mar 19, 2014 - (ACN Newswire) - China SCE Property Holdings Limited ("China SCE" or the "Group") (HKSE: 1966), a leading developer of residential properties in Fujian Province, announced its annual results for the year ended 31 December 2013 ("the year"). The contracted sales amount of China SCE and its joint ventures hit a new high record. During the year, the Group and its joint ventures achieved a contracted sales amount of approximately RMB10.82 billion and a contracted sales area of approximately 1,018,000 sq.m., representing a significant year-on-year increase of 80% and 52%, respectively. This is the first time for China SCE and its joint ventures surmounting a breakthrough in contracted sales amount of over RMB10 billion, which exceeds the sales target of RMB 7.5 billion set for the year by approximately 44%.

For the year ended 31 December 2013, the Group recorded a revenue and profit of approximately RMB 6.59 billion and RMB 1,174 million respectively, representing a year-on-year increase of approximately 81% and 30%. Profit attributable to owners of the parent amounted to RMB 888 million. Earnings per share was RMB 25.9 cents, representing an increase of approximately 32% over last year. The Group has paid an interim dividend of HK6 cents per ordinary share for the six months ended 30 June 2013 to shareholders during the year. The Board resolved not to declare any final dividend for the year ended 31 December 2013.

In 2013, China SCE recognized delivered area of properties of approximately 755,000 sq.m. and recognised revenue from property sales of approximately RMB 6.44 billion, representing a year-on-year increase of approximately 83%.

Regarding on land bank, backed up by the strong cash flow position in 2013, the Group expedited its business expansion. China SCE has acquired eight plots of new land with an aggregate planned GFA of approximately 2 million sq.m.. The total consideration for the land acquisition was approximately RMB 7.21 billion (consideration attributable to the Group was approximately RMB 5.16 billion). It is worthwhile mentioning that the successful bidding for two land parcels located in Hongqiao Central Business District and Putuo District of Shanghai represented the Group's successful penetration into the Yangtze River Delta market, which undoubtedly marks a milestone in the Group's business expansion.

Looking ahead, the Group has a total of 12 projects planned for commencement in 2014, with an aggregate planned GFA of approximately 1.98 million sq.m.. The Group will have 10 new projects launched for pre-sale. Along with unsold portions of the projects launched for pre-sale in previous years, the Group has a saleable area of approximately 2.3 million sq.m. planned for pre-sale in 2014.

China SCE has now successfully entered three first-tier cities, including Beijing, Shanghai, and Shenzhen. The Group will continue to increase the percentage of contracted sales amount from regions other than Fujian Province. Wherein, the three new properties located in Shenzhen, Langfang and Nanchang are expected to contribute a relatively significant portion of contracted sales amount to the Group. In addition, the Group will emphasize particularly on developing mid-end and mid-high-end product mix for rigid and improved housing demands.

Strategic Financial Relations Limited
Iris Lee / Brenda Chan / Ellena Cheung
Telephone: +862 2864 4829 / 2864 4833 / 2114 4912
Email: iris.lee@sprg.com.hk / brenda.chan@sprg.com.hk / ellena.cheung@sprg.com.hk

Topic: Earnings
Source: China SCE Group Holdings Limited

Sectors: Daily Finance
From the Asia Corporate News Network

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