21/12/2017-10

STREET three months put 17 property sales 130 million

Operating snack bar 759 STORE’s CEC International (00759) performance is “red” and requires the selling of investment properties to be realized. In combination with the Land Registry and market news, CEC International has sold a total of 14 residential units, two retail spaces and one industrial building unit over the past three months with more than $ 127 million in total sales.

Residential earn 40.79 million liters 1.87 times

CEC International started an abrupt and massive sale of investment properties in September this year. It is the first to sell industrial units in Gong Cheng Industrial Building, two Kowloon Bay De Po Gardens and one Amoy Gardens unit in Kowloon Bay. In the next two months, it sold a total of 14 units, including 6 Duplo Garden Units, 4 Amoy Gardens Units and 4 Kowloon Bay Ka Wah Court units, with a usable area of ​​253 to 403 square feet , The transaction price from 3.85 million to 5.08 million yuan, fourteen thousand to fifteen thousand yuan, the total turnover of 62.61 million yuan.

However, as all residential units were purchased at a low level from 2005 to 2010, the total cost of purchase was only about 21.818 million yuan. As a result, the book-making saw a substantial profit of 40.792 million yuan, an appreciation of 1.87 times.

In addition to residential, CEC International also sold commercial and industrial properties, including the September 2005 announcement of 52 million yuan sold Cheng Industrial Building, Ground Floor, Room 1, is the most expensive real estate store operations, holding 3 years of carrying profit 920 Ten thousand yuan, appreciation of more than 21% for the least profitable property.

Kai-sale shop for sale shop

For the shops, CEC International successively sold Shop 4, Ground Floor, Kai Fai Plaza, Tuen Mun and Shop No. 5, Level 1 for a total consideration of $ 5.78 million and $ 7.05 million respectively, bringing the total to $ 12.83 million. It is noteworthy that the first floor, No. 5 shop is self-owned for the 759 Office, now sold, will continue to operate after the unknown transaction.

The above-mentioned 17 properties totaling about 127.44 million yuan, the relative purchase price of 72.768 million yuan, book profit of 54.672 million yuan, making 75%.

According to the Land Registry, all the properties were sold by Grace Coil Products Co., Ltd. The directors of the company include Lin Wei Chun, CEC International Chairman and Managing Director, and Deng Fengqun, an executive director.

CEC International announced at the end of July this year that revenue for 2016/17 as of the end of April this year was 2.15 billion yuan, down 12.5% ​​from the previous year and its loss increased to 49.9393 million yuan. Its retail business mainly engaged in the operation of 759 STREET, with a revenue of 20.09 YoY, down 11.8% YoY and losses of 29.528 million YoY. Lin Wei Chun said in the performance announcement, the group wrote the worst performance since the business 38 years.

According to the company’s annual report, a list of the seven major investment properties of the Group is set out, including the sold units at Cheng Yuen Industrial Building and Shop No. 4, Ground Floor, Kai Fung Plaza, except that at the time of the sale of Cheng Yuen Industrial Building, an announcement was made that Other residential units have not been announced for sale.

Based on market information, CEC International currently holds a minimum of 14 houses, including 6 Amoy Gardens units, and another 4 shops and industrial units.