CR Land Officially Releases Top 10 Events of 2018
The year of 2018 was a year when profound changes took place in the property industry and a very extraordinary one in the development history of CR Land. In this year, CR Land firmly implemented the policy spirit of the Party Central Committee to build a long-term mechanism for the healthy development of real estate market, actively practiced CR’s theme of “transformation innovation and quality development”, fully carried out strategic reflection results and group requirements, strengthened leadership of the Party, improved management level, pushed forward mechanism transformation, built professional teams, prevented operational risks, and achieved good development speed and quality. Looking back at 2018, let us witness the growth and development of CR Land in the previous year.
1. Sales ranked top ten in the industry; investment property turnover hit a new high.
In 2018, CR Land actively implemented CR’s theme of “transformation innovation, quality development”, and achieved good development speed and quality. It has been committed to promoting rapid turnover on the basis of high quality and greatly improving operational efficiency on the premise of offering good products and services, thus making new records in sales. The commercial property business of CR Land continued to innovate, and lead industry development and market demand, with the retail sales outclassing the industry average and the turnover reaching a new high. Besides, it outperformed the budget set at the beginning of the year and fully accomplished the annual management goals set at the end of the previous year.
(Note: China Resources Group ranked 9th in the 2018 China Property Enterprise Sales TOP200)
2. Studied the spirit of the 19th Party Congress in depth; highlighted the leading role of political thought in work.
In 2018, CR Land strengthened theoretical study, highlighted political and ideological leadership role, and made studying and implementing Xi Jinping’s Thought on Socialism with Chinese Characteristics for a New Era and the spirit of 19th National Congress of the Communist Party of China as a key work throughout the year. Through theoretical central group study, periodic training, special Party lecture, and printing study manuals, the company achieved full coverage of learning in the forms of studies led by leaders, business backbones, and whole-staff studies. Adhering to the direction, overall management and implementation of policy, CR Land, by means of Party Committee meeting, Party building work conference and collective learning, strengthened the unified deployment, supervision and guidance, assessment and evaluation of the company’s Party building work, reinforced the leading role of the Party Committee in corporate development and major decisions, implemented the central spirit, and took control of the enterprise development direction.
(Note: Hao Peng, Secretary of the Party Committee of State-owned Assets Supervision and Administration Commission,
visited “Stay True to the Mission” co-construction demonstration zone of CR Land)
3. Accelerated the transition to urban comprehensive investor, developer and operator; CR Shenzhen Bay fully completed.
On December 18, 2018, China Resources Tower “Spring Bamboo Shoot” located in Shenzhen Bay was officially put into use, marking the completion of “CR Shenzhen Bay City Complex” developed by CR Land for a decade. This is a solid step taken by CR Land towards transforming to an urban comprehensive investor, developer and operator, and it also marks a new height of commercial property in China. CR Shenzhen Bay City Complex, with a total construction area of 1.2 million square meters, is a representative project of CR Land as an urban comprehensive investor, developer and operator, consisting of China Resources Tower “Spring Bamboo Shoot”, Shenzhen Bay MIXc City, CR Shenzhen Bay Sports Center “Spring Cocoon”, Andaz Hotel, China Resources Finance Building, Park View Manor, Park Lane Manor, CR Tower Art Center, and Shenzhen Bay Kapok Hotel, etc.
(Note: Dedication Ceremony of CR Shenzhen Bay City Complex)
4. Built three centers in Xi’an based on the overall situation; created “CR Speed + Xi’an Efficiency”.
In 2018, CR Land actively cooperated with the government to promote early plans, early handover, and early start of construction. Within a year, CR Land accomplished the main structure capping for six major venues of the three centers in Xi’an, creating “CR Speed + Xi’an Efficiency”. CR Land strictly implemented CR’s requirements of “Two Highs and Five Haves”, enhanced the EHS management of design, supervision and construction parties in the process, rigorously enforced the site management requirements of “Six 100%” by Ministry of Housing and Urban-Rural Development and “Seven in-place” of Xi’an, and actively carried out EHS excellence creation work. This project won the honors of Shaanxi Safe and Civilized Construction Site, and Xi’an Iron-Handed Haze Treatment and Green Construction Demonstration and Observation Project. The project company was awarded Xi’an Worker Pioneer and Key Project Advanced Group.
(Note: Construction Site of Three Centers in Xi’an)
5. Explored new mode for mixed ownership reform of state-owned enterprises; invested in Tianjin Infrastructure Investment Group and China Enterprise.
In 2018, CR Land expanded its land acquisition channels, actively responded to mixed ownership reform of state-owned enterprises, and successfully invested in Infrastructure Investment Land, a real estate development platform under Tianjin Infrastructure Investment Group, holding 49% of the shares and accelerating the business expansion layout in Tianjin. Through participating in the reorganization of A-share listed companies, CR Land successfully invested in China Enterprise and became its second largest shareholder, achieving a breakthrough on the capital operation in inland capital market and the mixed ownership reform of state-owned enterprises in China, and also acquiring an important platform for the business development of CR Land in Shanghai.
(Note: Signing Ceremony of CR Land’s Investment in Tianjin Infrastructure Investment Group)
6. Strengthened commercial operations and complied with consumption upgrades; opened 10 new shopping centers within a year.
In 2018, CR Land hit a new high in commercial retail sales, and that of 10 shopping centers ranked first in the city, with more than 3,700 cooperative brands and over 6 million members. Within the year, CR Land opened more than 10 new shopping centers, with new business area reaching 1.2 million square meters. GFA and GLA were approximately 5.27 million and 2.86 million square meters respectively.
(Note: Opening of Liuzhou MIXc City)
7. Created value through financial lean management; achieved financing of RMB 69.9 billion with high quality.
CR Land accurately judged the financing situation in 2018 and seized the market window. The new domestic and overseas financing newly arranged throughout the year was equivalent to RMB 69.9 billion (41.4 billion home and 28.5 billion abroad), and the net new financing reached 39.4 billion, with the comprehensive financing cost accounted for 4.48%, which strongly supported the annual investment demand of RMB 90 billion. The financing scale hit a new high and the financing cost maintained low in the industry, which provides strong support for the growth of corporate business scale.
(Note: CR Land Issued First Interim Bill Notice of 2018)
8. Continuously conducted precise investment and optimized investment layout; acquired 98 projects within a year.
In 2018, CR Land increased investment in strategic layout and acquired 98 projects in 45 cities at home and abroad, with over 20-million-square-meter supplementary land reserve. CR Land strategically deepened its business in first-tier cities and core second-tier cities such as Hangzhou, Chengdu, Xi’an and Dongguan, and lately entered cities like Hohhot, Jieyang, Jiangmen, Zhaoqing, Fuyang, Tai’an, Ezhou and Zhanjiang, the number of which totaled up to 72 including both home and abroad, laying a solid foundation for the company’s continuous and steady development.
(Note: Business Layout of CR Land)
9. Practiced social responsibility; included in Hong Kong Hang Seng Sustainability Index.
In 2018, the sustainable development work of CR Land was widely recognized by all sectors of the society, with its Social Responsibility Development Index ranked first in the real estate industry for five consecutive years. Moreover, it was included in Hong Kong Hang Seng Sustainability Index (selecting top 30 companies out of over 2,000 listed in Hong Kong) and its GRESB Development Index ranked top in the world. The Sustainability Report of CR Land has won a five-star rating by Corporate Social Responsibility Research Center under Chinese Academy of Social Sciences for the third consecutive year. Its reports of South and East China Regions also received five-star ratings, and those of North, West, Northeast and Central China Regions were rated four-and-a-half stars. Besides, the report of Construction Business Division got four stars.
(Note: CR Land successfully included in Hong Kong Hang Seng Sustainability Index.)
10. Implemented the cooperation model of “Property + Internet Technology”; built an intelligent park with Tencent.
In 2018, CR Land actively made attempts in new technologies such as Internet of Things, big data and artificial intelligence, and established a joint venture and an intelligent platform named Ruiyun with Tencent. CR Land piloted smart stores in MIXc World, and empowered tenants with smart products, thus to improve the consumer experience. At the same time, it carried out constructions of intelligent projects in Shenzhen Bay “Spring Bamboo Shoot”, Blocks B&C&D of China Resources Tower. Furthermore, CR Land independently researched and developed more than 20 intelligent products, and acquired 12 patents and software copyrights in terms of innovative intellectual property rights.
(Note: China Resources Group signed a comprehensive strategic cooperation framework agreement with Tencent)