China's Leading Office Landlord
- High Quality Assets - Holding 1.3 million sqm of prime location office buildings in Beijing and Shanghai
- Stable Cash Flow - All projects completed with diverse tenant mix enabling a stable rental income
- Outstanding Value Protection - Asset scarcity in background of global monetary easing
- Strong Asset Management - Occupancy of the portfolio recovering faster than market average
- Sound Financial Position - Low gearing ratio and healthy debt maturity profile reducing financial risk
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Results Summary
- Rental income up 13% YoY
- Gross margin reached 80%
- Occupancy of the portfolio recovered to 85%
- Net gearing ratio and average funding cost remained low at 44% and 4.7% respectively
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Holding prime location office buildings in Beijing and Shanghai
• Office buildings in prime location of Beijing & Shanghai | • | Projects completed and stabilized with low uncertainty |
with great scarcity | • | Outstanding value protection in global monetary easing |
Leasable Areas by Location
46%
54%
Beijing | Shanghai | |
Value of Investment Properties[1]
Unit: RMB bn
63.37 63.66
61.58
58.34
56.28
2017 | 2018 | 2019 | 2020 | 2021 |
Note [1] : excluding value of disposed properties and right-of-use assets
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Occupancy back to 85% contributing to steady rental growth
• 85% occupancy by the end of 2021 amid "double | • Rental income of RMB1,742 million in 2021, up 13% YoY |
reduction" policy on the education sector |
Occupancy of projects | Rental income |
Unit: RMB mn
78% | 82% | 89% | 85% | 937 |
782 | 756 | 805 |
2020H1 | 2020H2 | 2021H1 | 2021H2 | 2020H1 | 2020H2 | 2021H1 | 2021H2 |
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