(Hong Kong, 28 November 2019) – Chuang’s Consortium International Limited (“Chuang’s Consortium” or “the Group”) (HKSE: 0367) announced its unaudited interim results for the six months ended 30 September 2019 (“the Period under Review”). The ongoing Sino-US trade war and the recent social unrest have created uncertainties and have a negative impact on Hong Kong economy. The financial performance of the Group for the Period under Review had also been affected by these factors. During the Period under Review, the Group recorded revenues of HK$286 million (2018: HK$318 million). The Group’s profit attributable to equity holders of the Company amounted to HK$32 million (2018: HK$507 million). Earnings per share amounted to 1.91 HK cents (2018: 30.34 HK cents). The board declared an interim dividend of 1.5 HK cents (2018: 3.5 HK cents) per share.
During the Period under Review, pre-sale of The Esplanade in Tuen Mun, Hong Kong is progressing with satisfactory results. Out of the total 371 residential units, 361 units have been pre-sold with aggregate sales value amounted to about HK$1,618 million at the average price close to HK$17,000 per sq. ft., and approximately HK$1,504 million sales deposits have been received.
The construction of The Esplanade is progressing satisfactorily as scheduled. Application for the occupation permit has just been submitted and the occupation permit is expected to be obtained within the coming two months. It will be closely followed by the application of the certificate of compliance, and handover of the units to the end-buyers is targeted to be in July 2020.
For Mongkok joint venture project, the development is proceeding as scheduled. General building plans had been submitted to the relevant authorities for approval. Site formation and foundation works are in progress and are expected to be completed in the first half of 2020. It is expected that pre-sale of this project will be commenced in the second half of 2020 upon the grant of the pre-sale consent by the relevant authorities.
Mr. Albert Chuang Ka Pun, Chairman and Managing Director of Chuang’s Consortium, stated “Going forward, we will speed up to complete the construction of various projects so that we can sell/handover the properties to generate income and cash flow. We will continue to take steps to further enhance rental yield and return of our investment/hotel properties and thus their capital values by constantly reviewing the tenant mix and upgrading the properties. Furthermore, we will continue to identify new business opportunities including land acquisitions and property investments. We are confident that, with the implementation of the above strategies, further value can be created for our shareholders.”