KAISA GROUP HOLDINGS LTD. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
佳 兆 業 集 團 控 股 有 限 公 司 *
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1638)This announcement is made by the Company pursuant to Rule 13.09(1) of the Listing Rules and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
Reference is made to the announcements of the Company dated 4 December, 21 December and 29 December 2014, and 1 January, 6 January, 12 January, 16 January, 9 February,
11 February, 16 February, 8 March, 13 March and 9 April 2015, respectively (the 'Announcements'). Terms defined in the Announcements shall bear the same meaning in this announcement.
* For identification purposes only
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Update on Business
The Group recorded total contracted sales of RMB5,233 million in the first ten months of 2015 with total contracted gross floor area (the 'GFA') of approximately 863,828 sq. m. The relatively low average selling price (the 'ASP') of RMB6,058 per sq. m., as compared to the ASP of RMB9,760 per sq. m. and RMB10,233 per sq. m. in 2013 and the first eleven months ended 30 November 2014 respectively, is primarily due to sales contribution mainly from Tier II and Tier III cities, as follows:
GFA sold ASP(sq.m.) (RMB per sq.m.)
Tier I cities
Shenzhen
13,005
29,313
Guangzhou
9,549
16,568
Shanghai
25,425
14,558
Tier II and III cities
The Central China Region
166,944
4,897
The Pan-Bohai Bay Rim
209,174
4,260
The Western China Region
309,591
5,311
The Yangtze River Delta
71,166
8,811
The Pearl River Delta
58,974
5,826
Total 863,828 6,058
After the Group has reached agreement with the respective creditors of the following projects, which were subject to sales restriction under the loan contracts, the Group was able to apply for pre-sale permits and resume sales with respect to these projects, as set forth below:
Total unsold
Date(s)
Total GFA
Contracted sales till
31 October 2015
City
Property project
Total GFA of the property project
GFA as of 31 October 2015
of grant of pre-sale permit
granted under the pre-sale permit
from granting of pre-sale permit
ASP
(sq. m.) (Note)
(sq. m.)
(s q. m.)
(sq. m.)
(RMB per sq. m.)
Nanjing
Nanjing Kaisa City Plaza
302,037
18,579
10 July 2015
33,265
14,686
24,475
(南京佳兆業城市廣場)
Huizhou
Huizhou Kaisa Mansion No. 1 (惠州佳兆業壹號)
260,577
94,583
21 August 2015 and
24 Septmeber 2015
84,108
30,939
5,274
Note: Data as of 30 June 2014.
Projects in Shenzhen
The Group has four property projects under pre-sale in Shenzhen. As at 10 November 2015, 111,833 sq. m., involving a total of 1,444 units, were subject to the Seizure by PRC local courts upon the application of the Group's creditors, and therefore they are not available for sale. A total of 76,897 sq. m. GFA, involving a total of 732 units remain subject to the Blockage. The Company is given to understand that the principal reason for the residual Blockage is to protect the interest of the buyers of these units, who have only entered into provisional sale and purchase agreements with the Group. The following table provides a breakdown of the Blockage and the Seizure by project:
Property project
Total GFA of the property project Total approximate GFA subject to the Blockage as at 7 April 2015 Total approximate GFA subject to the Seizure as at 7 April 2015 Total approximate GFA subject to the Blockage as at 10 November 2015 Total approximate GFA subject to the Seizure as at 10 November 2015 Type of property(sq. m.) (sq. m.) (sq. m.) (sq. m.) (sq. m.) (Notes 1 and 3) (Note 3) (Note 3)
Shenzhen Dapeng Kaisa Peninsula Resort
(深圳佳兆業大鵬 假日廣場) (Note 2)
130,520 4,014 43,755 4,014 43,755 Residential and
commercial
Shenzhen Kaisa Yuefeng Garden (深圳佳兆業 悅峰花園)
119,725 15,167 5,795 15,167 5,795 Residential and
commercial
Shenzhen Kaisa Central Plaza (深圳佳兆業中 央廣場) (also known as Shenzhen Kaisa City Plaza (深圳佳兆業城 市廣場))
973,600 55,996 50,210 55,996 50,210 Residential and
commercial
Property project
Total GFA of the property project Total approximate GFA subject to the Blockage as at 7 April 2015 Total approximate GFA subject to the Seizure as at 7 April 2015 Total approximate GFA subject to the Blockage as at 10 November 2015 Total approximate GFA subject to the Seizure as at 10 November 2015 Type of property(sq. m.) (sq. m.) (sq. m.) (sq. m.) (sq. m.) (Notes 1 and 3) (Note 3) (Note 3)
Shenzhen Shanhai Meiyu Garden (山海美域 花園) (also known as Shenzhen Kaisa Qianhai Plaza
(深圳佳兆業前海 廣場))
205,693 18,338 12,073 1,720 12,073 Residential
Total 1,429,538 93,515 111,833 76,897 111,833
Notes:
Data as at 30 June 2014.
The property project was first subject to the Blockage on 28 November 2014. The relevant Blockage was temporarily lifted on 2 December 2014 and reimposed on 3 December 2014.
The remaining GFA of the above property projects which is not subject to the Blockage or the Seizure represents (a) the units which have been sold by the Group and the relevant transactions have been filed and/or registered with the relevant government authority in the PRC; or (b) the units which have not met the pre-sale requirements under PRC law and therefore are not available for pre-sale.
- Onshore creditors
The Group is in active discussion with the creditors, with an aim to resume sales of these four property projects in Shenzhen as soon as possible.
The Company has had extensive negotiations with its onshore creditors on the restructuring of the Group's liabilities. The key terms for the restructuring that the Group would hope to achieve are: (1) No principal reduction; (2) Three-year maturity extension, with the exception of secured loans against investment properties; (3) For facilities with sufficient collateral, repayment shall be in line with sales progress; (4) For facilities without sufficient collateral, repayment shall be based on a combination of (i) amortization based on sales progress and (ii) bullet repayment at maturity; (5) Creditors are encouraged to reduce finance costs, details of which should be tailored for unique creditor circumstances as appropriate; (6) Creditors are required to withdraw all litigation/arbitration/enforcement proceedings and 'unfreeze' assets.
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