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Logistics Park Transformation and Upgrading Business

BusinessLogistics BusinessLogistics Park Transformation and Upgrading Business

Logistics Parks Logistics Service Business Logistics Park Transformation and Upgrading Business

The Group has actively seized the opportunities brought about by land function adjustment of logistics parks arising from the urbanization process and vigorously progressed the transformation and upgrade of logistics parks in Shenzhen, in the hope of maximizing the value of the Group’s assets and in turn value for its shareholders.

Qianhai Project

Through such land consolidation and preparation work in Qianhai, the Group acquired land with a total area of approximately 120,000 square meters and a gross floor area of approximately 390,000 square meters (comprising residential area of approximately 190,000 square meters and apartment area of 25,000 square meters, which are available for sale) under the new land use arrangements. As the swapped land parcels are gradually developed and released into the market, it will promote the comprehensive development of the Group’s logistics-related land which would in turn continuously boost the Company’s performance.

The first phase of the Qianhai Project has a total gross floor area of approximately 110,000 square meters, comprising 51,000 square meters of residential project, 35,000 square meters of office project and 25,000 square meters of commercial project. Project design, application and construction are being carried out in an orderly manner. As at 31 December 2020, the first phase of the Qianhai Project is preparing for inspection and acceptance procedures. The residential project which was jointly developed by the Group and Shum Yip Land Company Limited was launched for pre-sale in October 2019. The pre-sale of this project went beyond expectations and all units had been sold out in the first half of 2020. For the office project, which was positioned as the information port for the “Belt and Road Initiative”, it was jointly constructed and developed by the Group and China Center for Information Industry Development(中國電子信息產業發展研究院)(“CCID”) and is included in the “3-Year Action Plan of Shenzhen to Participate in the Construction of the Belt and Road (2019-2021)(深圳市參與「一帶一路」建設三年行動方案(2019年-2021年))”. Capitalizing on Qianhai’s special position and policy advantage in the Guangdong-Hong Kong-Macao Greater Bay Area, the project will benefit from the Group’s extensive supply chain management experience and CCID’s strong information technology service capacity and will focus on the development of supply chain services and smart manufacturing services as well as promoting the comprehensive integration of the digital and real economies across the Guangdong-Hong Kong-Macao Greater Bay Area and countries/regions along the Belt and Road. Meanwhile, the Group is conducting in-depth study to devise a development and operation plan with SCPG(印力集團)for the commercial project with the aim of capitalizing the strength of each party and turning the Mawan area in Qianhai into a unique boutique commercial project.

The second phase of Qianhai Project has a plot ratio-based gross floor area of approximately 110,000 square meters (comprising residential area of approximately 91,000 square meters). Preliminary works such as design and tendering of the second phase of the Qianhai Project is currently underway. Considering the overall planning of and the shortage of pure residential projects in the Qianhai area, it is expected that the construction and sale of the Qianhai project will enhance the value of the Group’s resources in the area.

The Third Phase of Qianhai Project has a plot ratio-based gross floor area of 172,000 square meters, comprising residential area of approximately 50,000 square meters and apartment area of 25,000 square meters available for sale. It also comprises office buildings with a floor area of 79,000 square meters as well as commercial floor area of 17,000 square meters, which are available for sale. To promote the comprehensive development of the Group’s logistics-related land, the Group plans to conduct an in-depth cooperation with the Qianhai Authority to establish a bonded R&D center, an international logistics distribution center, a Shenzhen-Hong Kong distribution center and a bonded exhibition and exchange center, which are all in the interests of the Group and its shareholders as a whole.


Meilin Checkpoint Project

The Meilin Checkpoint Project is adjacent to Futian District in downtown Shenzhen, and is a functional development area in the city center and a key development zone of the city. It is situated at an advantageous geographical location. The land parcels of the project have been re-designated as a comprehensive development with a total plot ratio-based gross floor area of approximately 486,000 square meters comprising residential, commercial, office, business apartment, public and ancillary uses.

The Meilin Checkpoint Project is developed and constructed in three phases: the first phase includes residential properties with a saleable area of approximately 75,000 square meters and indemnificatory housing(保障房)of approximately 42,000 square meters; the second phase is expected to provide residential properties with a saleable area of approximately 68,000 square meters, and the third phase is expected to provide residential properties with a saleable area of approximately 63,000 square meters and office and business apartment complexes of approximately 190,000 square meters. It is expected that the project will also have commercial ancillary properties of approximately 34,500 square meters.

All residential units of the first phase of the Meilin Checkpoint Project, namely He Feng Xuan(和風軒), have been sold out. Inspection and acceptance of the finished units were completed in November 2019. During the Year, internal decoration of the residential units has also ended and these units were delivered to their owners. Pre-sale of He Ya Xuan(和雅軒), which is the second phase of the Meilin Checkpoint Project, commenced in October 2019. During the Year, the units of three residential buildings with presale permits were sold out and proceeds have been largely received, and inspection and acceptance of these finished units have been completed. The third phase of the project, namely He Song Xuan(和頌軒), has commenced construction and presales in December 2020. As at the end of December 2020, 88% of the residential units have been sold.


Transformation and upgrading of South China Logistics Park

During the Year, the transformation of South China Logistics Park achieved a milestone as the Group entered into a strategic cooperation framework agreement with the government of Longhua District to lay out the cooperation mechanism for the overall upgrade and transformation of South China Logistics Park. South China Logistics Park is now part of the core area of Longhua’s key development area, namely Shenzhen North Station central business district, resulting in a significant promotion in strategic influence and role as an urban service provider.

updated 15 July 2021