Communication with shareholders

The Company is committed to achieving a high standard of corporate governance that properly protects and promotes the interests of its shareholders.

The Company has adopted the code provisions set out in the Corporate Governance Code (the “CG Code”) as set out in Appendix 14 of the Rules Governing the Listing of Securities (the “Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).

Shareholders’ rights

The Company is committed to achieving a high standard of corporate governance that properly protects and promotes the interests of its shareholders.

The Company has adopted the code provisions set out in the Corporate Governance Code (the “CG Code”) as set out in Appendix 14 of the Rules Governing the Listing of Securities (the “Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).

Nos. 6-8 Ping Lan Street and Nos. 26-32 Main Street, Ap Lei Chau

In 2019, the Chuang’s China Group acquired the property interests in Ap Lei Chau at a consideration of about HK$455.0 million. The property has a site area of about 4,320 sq. ft. and has a developable GFA of about 40,000 sq. ft.. General building plans of the project have been approved to develop a 27-storey residential/commercial building with clubhouse facilities and retail units at the podium levels.


The Chuang’s China Group has obtained vacant possession of the whole property during the period. Hoarding and demolition works have been commenced, and are expected to be completed within the financial year ending 31 March 2021. Foundation work will be followed promptly.

FORTUNE WEALTH

The Fortune Wealth Memorial Park operates a cemetery in Sihui with a site area of approximately 518 mu agreed by the local government authorities. Development of the project is conducted by phases. Phase I of about 100mu has been completed with 5,485 grave plots, one mausoleum providing 550 niches, as well as an administrative and customer service building. Development of the remaining 418 mu will be divided into Phase II to Phase V.

Based on the existing master layout plan of Phase II to Phase V, about 41,815 grave plots will be constructed covering land area of 268 mu whereas road access and greenbelts will cover 150 mu. For Phase II and Phase III, land use rights of approximately 143 mu had been obtained, which will accommodate a total of 22,569 grave plots. For Phase IV and Phase V, land use rights of approximately 5.2 mu had been obtained and additional land quota of about 119.8 mu shall be required, for the construction of a total of 19,246 grave plots.

Fortune Wealth will follow-up with the local authorities for the grant of the remaining 119.8 mu land use rights. As at 31 March were recorded based 2020 , the cemetery assets(including non-controlling interests) on the book cost of about RMB623.3 million (equivalent toapproximately HK$679.7 million). Fortune Wealth has full license for sale not only in the PRC, but also includes overseas Chinese as well as residents of Hong Kong, Macau and Taiwan. As at 31 March 2020, about 3,465 grave plots and 535 niches were available for sale. Fortune Wealth will review its sales and marketing strategy and will take more proactive steps in its brand building and customer services.

Chuang’s Mid-town

With a population of 3.6 million, Anshan is the important steel production base of the PRC, and is also known as the “Steel Capital”.

The site is located in the prime city centre of Tie Dong Qu (鐵東區) of Anshan, right next to the Anshan rail station and the nearby popular outdoor mall. It will be developed into an integrated community with residential, shopping areas, specialty business activities, SOHO and office space with total GFA of about 100,000 sq.m.. Master planning for the project has been approved by the relevant PRC bureau. It consists of a 6-level commercial podium providing an aggregate GFA of about 29,600 sq. m.. Above the podium will be a twin tower (Block AB and C) with 27 and 33-storey respectively, offering total GFA of about 62,700 sq. m. as office, residential and service apartments. Construction works have been completed and occupation will commence.

Chuang’s Plaza

Situated within 1 km from Chuang’s Mid-town. Chuang’s Plaza, is located in the prime city centre of Tie Dong Qu (鐵東區) and is within walking distance to the Anshan rail station and the popular local marketplace as well as the local government offices. It will be developed into a comprehensive complex for residential and commercial complex providing a mega integrated development including office towers, retail, food and beverage and entertainment facilities together with residential blocks with developable GFA of 390,000 sq. m. based on a plot ratio of 10 times.

Chuang’s Le Papillon

Chuang’s Le Papillon is an integrated residential and commercial community and its development is implemented by phases. The Chuang’s China Group has completed the development of Phase I and II, having a total GFA of approximately 260,800 sq. m.. It comprises 34 high-rise residential towers with a total of 2,077 flats and 22 villas, commercial properties, club houses and 1,497 carparking spaces.

All residential flats of Phase I and II have been sold. Up to the date of this
report, 32 carparks were sold. The Chuang’s China Group will continue to
market the remaining unsold 383 carparks of about RMB42.1 million (equivalent to approximately HK$47.9 million).

For the remaining development (Phase III), the Chuang’s China Group owns a land of over 92,000 sq. m. and its total plot ratio GFA was about 175,011 sq. m.. Land quota for development of about 123,362 sq. m. has been obtained in prior years, whereas the land quota of the remaining 51,649 sq. m. has also been obtained during the period.

Hotel & Resort Villas

The site, having an area of about 27,574 sq. m., is located in 思明區 (Siming Qu) of Xiamen. It comprises into luxurious high end villas and resort with GFA of about 19,000 sq. m. providing full hotel services and facilities blended with abundant greenery landscaping. The development comprises a 6-storey boutique hotel providing 100 keys, and a total of 30 villas.

London Property (Disposed)

The Property is located at 10 Fenchurch Street, City of London and is close to the Monument station of the Tube, London’s underground railway system.

The Property is an 11-storey commercial building providing approximately 77,652 sq. ft. of office and retailing spaces. As at 31 March 2020, the valuation of this property was recorded GBP96.5 million (equivalent to approximately HK$926.4 million).