| Poly Property Group Co., Ltd. | |
| Trade Name: | Poly Property |
| Type: | public company |
| Traded As: | HKEX: |
| Industry: | Real estate development |
| Revenue: | HK$30.580 billion |
| Revenue Year: | 2016 |
| Net Income: | HK$81 million |
| Net Income Year: | 2016 |
| Assets: | HK$122.073 billion |
| Assets Year: | 2016 |
| Equity: | HK$24.697 billion |
| Equity Year: | 2016 |
| Homepage: | polyhongkong.com.hk |
| Footnotes: | [1] |
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.[2]
Poly Property is a constituent of Hang Seng China-Affiliated Corporations Index (Red chip index)
He Ping, son of late military officer, and the son-in-law of the former Chinese leader, late Deng Xiaoping, is the former chairman of the company.[3] He Ping was also the chairman of the parent company China Poly Group, which had a military background in the past.
The corporate entity of Poly Property was established in 1973, originally as a shipping company called Continental Mariner Investment Company Limited (abb. CMIC).[4] In 1993, China Poly Group Corporation acquired 55% stake in the company and converted its business from shipping to conglomerate, as a reverse IPO. In 2005, CMIC was renamed to Poly (Hong Kong) Investments Limited.[5] [6] In 2012 the company renamed again as Poly Property Group Co., Ltd..[4]
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.[7] The site was developed into Vibe Centro.[8]
, 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).[9] 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." .[1] As Poly Property was incorporated outside mainland China, but controlled by Chinese Central Government indirectly, the company was considered as a red chip.[10]
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.[1]
Poly Property also issued perpetual capital instrument in the past for . During 2016 financial year, all the bonds were fully redeemed by the company.[1]