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][failed verification]}

Poly Property Group Co., Ltd.

Trade name	Poly Property
Formerly	Continental Mariner Investment Company Poly (Hong Kong) Investments
Company type	public company
Traded as	SEHK: 119
Industry	Real estate development
Founded	27 February 1973; 52 years ago (1973-02-27)
Headquarters	Hong Kong S.A.R., China (registered office) Shanghai, China (de facto)[1]
Area served	mainland China Hong Kong S.A.R.
Key people	Xue Ming (chairman) Han Qingtao (managing director)
Products	Commercial buildings Residential buildings Shopping malls
Revenue	HK$030.580 billion (2016)
Net income	HK$000081 million (2016)
Total assets	HK$122.073 billion (2016)
Total equity	HK$024.697 billion (2016)
Owner	China Poly Group (47.32%) general public (52.68%)
Parent	Poly (HK) Holdings (direct) China Poly Group (intermediate) The SASAC (intermediate) The State Council (ultimate)
Website	polyhongkong.com.hk
Footnotes / references in consolidated financial statement, in HKFRSs excluding perpetual capital instrument and minority interests [2]

Poly Property Group Co., Ltd.
Traditional Chinese	保利置業集團有限公司
Simplified Chinese	保利置业集团有限公司
Transcriptions Standard Mandarin Hanyu Pinyin Bǎolì zhìyè jítuán yǒuxiàn gōngsī
Poly Property
Traditional Chinese	保利置業
Simplified Chinese	保利置业
Transcriptions Standard Mandarin Hanyu Pinyin Bǎolì zhìyè
Poly (Hong Kong) Investments
Traditional Chinese	保利(香港)投資
Transcriptions
Continental Mariner Investment
Traditional Chinese	新海康航業投資
Transcriptions

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

He Ping, son of late military officer He Biao [zh], 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 (Chinese: 新海康航業投資有限公司, abb. CMIC^[5]).^[6] 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]} In 2005, CMIC was renamed to Poly (Hong Kong) Investments Limited.^[5][7] In 2012 the company renamed again as Poly Property Group Co., Ltd..^[6]

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^[update], 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." (Chinese: 保利南方集团有限公司).^[2]: 126 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]: 125

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]: 279

See also

• Poly Real Estate, sister company