Poly Property

{{Infobox company

| name = Poly Property Group Co., Ltd.

| trade_name = Poly Property

| logo = Polyhk.gif

| type = public company

| traded_as = {{hkex|00119}}

| foundation = {{start date and age|df=y|1973|2|27}}

| former_name = {{ubl|{{nowrap|Continental Mariner Investment Company}}|Poly (Hong Kong) Investments}}

| founder =

| location = {{ubl|Hong Kong S.A.R., China (registered office)|Shanghai, China (de facto){{cite web|url=http://www.polyhongkong.com.hk/about/contact.html|title=联系我们|access-date=22 June 2017|publisher=Poly Property|language=Chinese}}}}

| key_people = {{aligned table|style=text-align: left; font-size: 100%;|Xue Ming|(chairman)|Han Qingtao|(managing director)}}

| area_served ={{ubl|mainland China|Hong Kong S.A.R.}}

| industry = Real estate development

| products = {{ubl|Commercial buildings|Residential buildings|Shopping malls}}

| services =

| revenue = {{increase}} HK${{0}}30.580 billion

| revenue_year = 2016

| operating_income =

| net_income = {{increase}} HK${{0|0000}}81 million

| net_income_year = 2016

| assets = {{decrease}} HK$122.073 billion

| assets_year = 2016

| equity = {{decrease}} HK${{0}}24.697 billion

| equity_year = 2016

| num_employees =

| parent = {{aligned table|style=text-align: left; font-size: 100%;|Poly (HK) Holdings|(direct)|China Poly Group|(intermediate)|The SASAC|(intermediate)|The State Council|(ultimate)}}

| divisions =

| subsid =

| owner = {{aligned table|style=text-align: left; font-size: 100%;|China Poly Group|(47.32%)|general public|(52.68%)}}

| homepage = [http://www.polyhongkong.com.hk polyhongkong.com.hk]

| footnotes = {{ubl|in consolidated financial statement, in HKFRSs|excluding perpetual capital instrument and minority interests}}{{cite web|url=http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0419/LTN20170419600.pdf|title=2016 Annual Report|date=19 April 2017|access-date=22 June 2017|work=Poly Property|publisher=Hong Kong Stock Exchange}}

}}

{{Chinese|title=Poly Property Group Co., Ltd.|t=保利置業集團有限公司|s=保利置业集团有限公司|p=Bǎolì zhìyè jítuán yǒuxiàn gōngsī|order=ts|altname=Poly Property|t2=保利置業|s2=保利置业|p2=Bǎolì zhìyè|altname3=Poly (Hong Kong) Investments|t3=保利(香港)投資|altname4=Continental Mariner Investment|t4=新海康航業投資}}

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.[http://www.irasia.com/listco/hk/polyhk/press/p100204.htm Poly (Hong Kong) Investments Limited] {{webarchive|url=https://archive.today/20130126132727/http://www.irasia.com/listco/hk/polyhk/press/p100204.htm |date=26 January 2013 }} irasia.com{{failed verification|date=June 2017}}

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

He Ping, son of late military officer {{ill|He Biao|zh|贺彪}}, and the son-in-law of the former Chinese leader, late Deng Xiaoping, is the former chairman of the company.{{cite web|url=http://www.polyhongkong.com/a_images/files/2015032513329.pdf|title=2010 Annual Report|date=30 April 2011|access-date=22 June 2017|publisher=Poly (Hong Kong) Investments}} 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 ({{zh|t=新海康航業投資有限公司}}, abb. CMIC).According to filings in the Company Registry (Hong Kong) In 1993, China Poly Group Corporation acquired 55% stake in the company and converted its business from shipping to conglomerate, as a reverse IPO.{{citation needed|date=June 2017}} In 2005, CMIC was renamed to Poly (Hong Kong) Investments Limited.{{cite press release|url=http://www.hkexnews.hk/listedco/listconews/SEHK/2004/1203/LTN20041203117.pdf|title=Change of company name|date=3 December 2004|access-date=22 June 2017|publisher=Continental Mariner Investment Company|via=Hong Kong Exchanges and Clearing website}}[http://www.robroad.com/data/guangzhou/index.php/poly-hong-kong-square/ Poly 1,430,000,000 acquisition of Hong Kong Shenzhen Poly ways the face of competition] {{webarchive|url=https://web.archive.org/web/20110715212136/http://www.robroad.com/data/guangzhou/index.php/poly-hong-kong-square/ |date=15 July 2011 }} In 2012 the company renamed again as Poly Property Group Co., Ltd..

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.{{cite web|url=http://www.landsd.gov.hk/en/landsale/records/2013-2014.pdf|title=Land Sale Records 2013–14|access-date=22 June 2017|publisher=Lands Department (Hong Kong)}} The site was developed into Vibe Centro.{{cite web |url=http://www.vibecentro.com.hk/ |title=Home |website=vibecentro.com.hk}}

Shareholders

{{as of|2016|12|31}}, 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).[http://sc.hkexnews.hk/gb/sdinotice.hkex.com.hk/di/NSForm2.aspx?fn=141641&sa2=ns&sid=22630104&corpn=Poly+(Hong+Kong)+Investments+Ltd.&corpndisp=Poly+(Hong+Kong)+Investments+Ltd.&sd=15%2F04%2F2010&ed=13%2F04%2F2011&sa1=cl&scsd=14%2F04%2F2010&sced=14%2F04%2F2011&cn=1&src=MAIN&lang=EN&cname=Poly+(Hong+Kong)+Investments+Ltd.& Hong Kong Stock Exchange] 16 August 2010 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." ({{zh|s=保利南方集团有限公司}}).{{rp|126}} As Poly Property was incorporated outside mainland China, but controlled by Chinese Central Government indirectly, the company was considered as a red chip.{{cite web|url=https://www.hkex.com.hk/chi/stat/smstat/chidimen/cd_rcmb_c.htm|title= 中資紅籌股公司名單 (主板) |date=30 June 2017|access-date=19 July 2017|publisher=Hong Kong Stock Exchange|language=Chinese}}

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.{{rp|125}}

Poly Property also issued perpetual capital instrument in the past for {{CNY|link=yes|1 billion}}. During 2016 financial year, all the bonds were fully redeemed by the company.{{rp|279}}