CCPL China Central

 

TIDMCCPL 
 
RNS Number : 0041Q 
China Central Properties Limited 
02 April 2009 
 

2 April 2009 
 
 
CHINA CENTRAL PROPERTIES ANNOUNCES 
ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2008 
 
 
China Central Properties Limited ("CCP"), a real estate investment company 
focusing on the development of partially-completed property projects in major 
and secondary cities in the Chinese Mainland, is pleased to announce its annual 
results for the year ended 31 December 2008. 
 
 
Highlights 
 
 
  *  Turnover was US$326 million (2007: US$63 million), delivering profit of US$15.7 
  million (2007: US$3.7 million) and earnings per share of US 5.37 cents (2007: US 
  1.99 cents) during the year. 
 
 
 
  *  Final dividend for the year is 0.5 pence, bringing the total dividend for the 
  year to 1.5 pence (approximately US 2.5 cents). 
 
 
 
  *  Net asset value, per audited financial statements, at 31 December 2008 was 
  US$2.27 per share (2007: US$2.02 per share). 
 
 
 
  *  By 30 June 2008, net funds raised in June 2007 of approximately US$535 million 
  were fully invested. 
 
 
 
  *  Of the six projects injected into CCP at listing by Shui On Construction and 
  Materials Limited and other joint venture partners, Huapu Centre and Shengyuan 
  Centre in Beijing, Xiwang Building in Dalian as well as nearly all of the units 
  of Central International Plaza in Qingdao were disposed of within the Company's 
  overall profit target. Approximately 22,000 square metres of Central Point in 
  Chengdu were also sold in September 2008. 
 
 
 
  *  The cash reserves generated from these sales will allow CCP to weather the 
  current worldwide economic downturn comfortably and reinvest for growth should 
  suitable opportunities arise. 
 
 
  *  Since listing, eight more projects have been acquired with an attributable 
  developable gross floor area of approximately 1,073,000 square metres, 
  representing an increase of 127% on the initial portfolio of 473,000 square 
  metres. 
 
 
 
Mr. Vincent H.S. Lo, Chairman of CCP, commented: 
 
 
  *  "Your Company ended the year successfully with a significant amount of net cash 
  and in a very strong financial position that perhaps not many other property 
  businesses can enjoy in today's worldwide financial crisis. The strategy set at 
  the time of the AIM listing in June 2007 has largely been achieved despite the 
  very challenging market conditions." 
 
 
 
  *  "The Chinese Mainland appears to be in a very strong position compared with 
  others around the world to weather the economic downturn with its leaders 
  confident on achieving an 8% growth target in 2009. A prolonged recession is 
  unlikely to persist in the Chinese Mainland and it appears that it will be among 
  the first of the big nations to emerge from the current crisis." 
 
 
 
  *  "Amid the deterioration in the Chinese economy, opportunities abound in 
  distressed properties with investments potential, albeit expectation gap between 
  buyers and sellers can be wide apart at times." 
 
 
 
  *  "As great volatility and further shockwaves from the rapidly deteriorating 
  economies around the world are still possible, we will be closely monitoring the 
  market situation in the first half of 2009 and carefully guarding our valuable 
  cash reserves in readiness for acquisitions should good opportunities arise." 
 
About CCP 
 
 
CCP has a well-diversified portfolio of properties, including commercial, retail 
and residential complexes, strategically located in Beijing, Chengdu, Chongqing, 
Guangzhou, Qingdao and Shenyang. 
 
 
 
 
For further information about the Company, please visit www.ccproperties.com.hk 
or contact: 
 
 
China Central Properties Limited 
 
 
Ms. Elaine Yuen, Company Secretary  +852 2296 8033 
Seymour Pierce Limited 
 
 
Corporate Finance: 
 
 
Chris Howard / Mark Percy / Christopher Wren     +44 20 7107 8000 
 
 
Corporate Broking: 
 
 
John Grant 
 
 
For full details of the Results Announcement please go to the links below: 
 
 
http://www.rns-pdf.londonstockexchange.com/rns/0041Q_-2009-4-2.pdf 
http://www.rns-pdf.londonstockexchange.com/rns/0041Q_1-2009-4-2.pdf 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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