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Poly Property

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.[3]

Poly Property is a constituent of Hang Seng China-Affiliated Corporations Index (Red chip index)

He Ping, son of late military officer He Biao, and the son-in-law of the former Chinese leader, late Deng Xiaoping, is the former chairman of the company.[4] He Ping was also the chairman of the parent company China Poly Group, which had a military background in the past.

History

The corporate entity of Poly Property was established in 1973, originally as a shipping company called Continental Mariner Investment Company Limited (, abb. CMIC).[5] 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.[6][7] In 2012 the company renamed again as Poly Property Group Co., Ltd..[5]

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.[8] The site was developed into Vibe Centro.[9]

Shareholders

As of 31 December 2016, 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).[10] 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." .[2] As Poly Property was incorporated outside mainland China, but controlled by Chinese Central Government indirectly, the company was considered as a red chip.[11]

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.[2]

Poly Property also issued perpetual capital instrument in the past for CN¥1 billion. During 2016 financial year, all the bonds were fully redeemed by the company.[2]

See also

External links

References

  1. 联系我们 Poly Property, retrieved 22 June 2017^
  2. 2016 Annual Report Poly Property, Hong Kong Stock Exchange, 19 April 2017, retrieved 22 June 2017^
  3. Poly (Hong Kong) Investments Limited irasia.com^
  4. 2010 Annual Report Poly (Hong Kong) Investments, 30 April 2011, retrieved 22 June 2017^
  5. According to filings in the Company Registry (Hong Kong)^
  6. Change of company name Continental Mariner Investment Company, 3 December 2004, retrieved 22 June 2017^
  7. Poly 1,430,000,000 acquisition of Hong Kong Shenzhen Poly ways the face of competition^
  8. Land Sale Records 2013–14 Lands Department (Hong Kong), retrieved 22 June 2017^
  9. Home vibecentro.com.hk^
  10. Hong Kong Stock Exchange 16 August 2010^
  11. 中資紅籌股公司名單 (主板) Hong Kong Stock Exchange, 30 June 2017, retrieved 19 July 2017^