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Poly Property

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Poly Property Group Co., Ltd.
Poly Property
Formerly
  • Continental Mariner Investment Company
  • Poly (Hong Kong) Investments
Company typepublic company
SEHK: 119
IndustryReal estate development
Founded27 February 1973; 51 years ago (1973-02-27)
Headquarters
  • Hong Kong S.A.R., China (registered office)
  • Shanghai, China (de facto)[1]
Area served
  • mainland China
  • Hong Kong S.A.R.
Key people
Xue Ming(chairman)
Han Qingtao(managing director)
Products
  • Commercial buildings
  • Residential buildings
  • Shopping malls
RevenueIncrease HK$30.580 billion (2016)
Increase HK$81 million (2016)
Total assetsDecrease HK$122.073 billion (2016)
Total equityDecrease HK$24.697 billion (2016)
Owner
China Poly Group(47.32%)
general public(52.68%)
Parent
Poly (HK) Holdings(direct)
China Poly Group(intermediate)
The SASAC(intermediate)
The State Council(ultimate)
Websitepolyhongkong.com.hk
Footnotes / references
[2]
Poly Property Group Co., Ltd.
Traditional Chinese保利置業集團有限公司
Simplified Chinese保利置业集团有限公司
Transcriptions
Standard Mandarin
Hanyu PinyinBǎolì zhìyè jítuán yǒuxiàn gōngsī
Poly Property
Traditional Chinese保利置業
Simplified Chinese保利置业
Transcriptions
Standard Mandarin
Hanyu PinyinBǎolì zhìyè
Poly (Hong Kong) Investments
Traditional Chinese保利(香港)投資
Transcriptions
Continental Mariner Investment
Traditional Chinese新海康航業投資
Transcriptions

Poly Property Group Co., Ltd., is a Hong Kong incorporated Chinese property developer, with its major businesses include property development, investment and management. It mainly develops mid to high-end residential and commercial properties in the cities along Yangtze River Delta and Pearl River Delta as well as the second-tier provincial capitals.[3][failed verification]

Poly Property is a constituent of Hang Seng China-Affiliated Corporations Index (Red chip index)

He Ping, son of late military officer He Biao [zh], and the son-in-law of the former Chinese leader, late Deng Xiaoping, is the former chairman of the company.[4] He Ping was also the chairman of the parent company China Poly Group, which had a military background in the past.

History

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The corporate entity of Poly Property was established in 1973, originally as a shipping company called Continental Mariner Investment Company Limited (Chinese: 新海康航業投資有限公司, abb. CMIC[5]).[6] In 1993, China Poly Group Corporation acquired 55% stake in the company and converted its business from shipping to conglomerate, as a reverse IPO.[citation needed] In 2005, CMIC was renamed to Poly (Hong Kong) Investments Limited.[5][7] In 2012 the company renamed again as Poly Property Group Co., Ltd..[6]

Poly Property entered Hong Kong property market in 2014 by purchasing a land lease "New Kowloon Inland Lot No.6527" in an area formerly belonging to Kai Tak Airport, for HK$3.923 billion.[8] The site was developed into Vibe Centro.[9]

Shareholders

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As of 31 December 2016, Poly (Hong Kong) Holdings and its subsidiaries, owned 40.39% shares of the listed company (the subsidiaries are BVI companies Congratulations Co., Ltd., Source Holdings and Ting Shing Holdings respectively).[10] Poly (Hong Kong) Holdings itself is a subsidiary of state-owned China Poly Group; China Poly Group owned an additional 6.93% shares of Poly Property, via mainland China incorporated "Poly Southern Group Co., Ltd." (Chinese: 保利南方集团有限公司).[2]: 126  As Poly Property was incorporated outside mainland China, but controlled by Chinese Central Government indirectly, the company was considered as a red chip.[11]

Charmian Xue Ming and independent non-executive directors: Choy Shu Kwan, Leung Sau Fan (Sylvia Leung) and Wong Ka Lun, also owned negligible number of the shares.[2]: 125 

Poly Property also issued perpetual capital instrument in the past for CN¥1 billion. During 2016 financial year, all the bonds were fully redeemed by the company.[2]: 279 

See also

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References

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  1. ^ "联系我们" (in Chinese). Poly Property. Retrieved 22 June 2017.
  2. ^ a b c d "2016 Annual Report" (PDF). Poly Property. Hong Kong Stock Exchange. 19 April 2017. Retrieved 22 June 2017.
  3. ^ Poly (Hong Kong) Investments Limited Archived 26 January 2013 at archive.today irasia.com
  4. ^ "2010 Annual Report" (PDF). Poly (Hong Kong) Investments. 30 April 2011. Retrieved 22 June 2017.
  5. ^ a b "Change of company name" (PDF) (Press release). Continental Mariner Investment Company. 3 December 2004. Retrieved 22 June 2017 – via Hong Kong Exchanges and Clearing website.
  6. ^ a b According to filings in the Company Registry (Hong Kong)
  7. ^ Poly 1,430,000,000 acquisition of Hong Kong Shenzhen Poly ways the face of competition Archived 15 July 2011 at the Wayback Machine
  8. ^ "Land Sale Records 2013–14" (PDF). Lands Department (Hong Kong). Retrieved 22 June 2017.
  9. ^ "Home". vibecentro.com.hk.
  10. ^ Hong Kong Stock Exchange 16 August 2010
  11. ^ "中資紅籌股公司名單 (主板)" (in Chinese). Hong Kong Stock Exchange. 30 June 2017. Retrieved 19 July 2017.
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