HONG KONG, Mar 7, 2024 – (ACN Newswire) – Yuexiu Actual Property Funding Have confidence (“Yuexiu REIT”, alongside with Yuexiu REIT Asset Management Puny, collectively identified because the “REIT”; stock code: 405) announced its annual outcomes for the 365 days ended 31 December 2023.
2023 Annual Results Highlights:
— Overall operation grew regularly, with complete earnings of RMB2,087 million, representing an 11.4% 365 days-on-365 days raise.
— Final distribution per Unit will likely be approximately RMB0.0303, identical to HK$0.0334. Distribution per Unit for the fat 365 days will likely be approximately RMB0.0844, identical to HK$0.0924. Distribution yield is 7.33% per Unit for the 365 days.
— For 18 years since 2005, the REIT has distributed 100% of its distributable profits to Unitholders.
— As at 31 December 2023, overall occupancy payment of the properties became 85.0%.
Guangzhou World Finance Center (GZIFC)
— Running earnings of the GZIFC advanced became RMB1,031 million, accounting for 49.4% of the REIT’s complete earnings.
— The place of job constructing of GZIFC successfully renewed leases with a replacement of key tenants, with a renewed leasing predicament of 26,000 sq.m. for the 365 days.
— GZIFC having a explore mall persevered to optimise the tenant construction and recorded a property occupacy payment of 98.2% and a 21% raise in gross sales 365 days-on-365 days.
— Overall performance of the lodge and serviced apartments seen a stable rebound, final its market benchmark space. The realistic occupancy payment and room payment of Four Seasons Resort and Ascott Serviced Residences climbed 365 days-on-365 days.
Yuexiu Financial Tower
— Yuexiu Financial Tower posted an running earnings of roughly RMB399 million, representing 19.1% of the REIT’s complete earnings. Occupancy payment stood at 88.5%.
— Clear industry leaders absorb been successfully launched, thereby extra reinforcing the highest payment tenant putrid of the constructing.
Active management of financing dangers and effective management of financing trace
— Almost about the 5-365 days syndicated loan of HK$2.8 billion and the three-365 days syndicated loan of HK$2.0 billion due in 2023, the Supervisor got in 2023 the three-365 days loan of RMB4.0 billion, the three-365 days loan of RMB1.0 billion and the three-365 days loan of RMB350 million for the reason of refinancing the maturing loans so that you just will likely be clear effective video display on the liquidity risk.
— Taking inspire of the bottom window of the RMB passion payment market, the RMB1.5 billion Shanghai Free Alternate Zone Bonds absorb been issued in March 2023 for early compensation of offshore floating payment loan, thereby cutting back the financing trace. At the cease of 2023, the final passion payment of Yuexiu REIT’s financing became 4.74% each and each year, representing a decrease of 9 foundation parts from 4.83% at the starting of the 365 days.
— The Supervisor actively adjusted the financing construction and historical foreign replace hedging machine at realistic trace to video display foreign replace publicity. Besides to, a loan of HK$2.8 billion and a loan of HK$2.0 billion for which foreign replace hedging absorb been organized absorb been settled in reach, ensuing in a cash influx of roughly RMB202 million.
— Debt construction persevered to be optimised, with the percentage of RMB financing rising from 6% at the starting of 2023 to 39% at the cease of the 365 days.
Mr. LIN Deliang, Chairman, Chief Govt Officer and Govt Director of Yuexiu REIT, acknowledged: “In 2023, the principle 365 days following the optimisation of pandemic prevention policies, the domestic macro economy skilled a wave-fancy recovery. The Supervisor utilized centered measures for projects in varied replace formats, and thereby ensuing in a actual raise in running earnings from sources. Taking a explore forward at 2024, operation ambiance of the REIT stays advanced and annoying. Dedicated to holding speedily to its customary aspiration of maximising asset trace, the Supervisor will, via the implementation of proactive and prudent leasing strategies, and agile response to the aptitude investment alternatives, expand financing alternatives in the capital market to successfully gash financing trace, continuously increasing trace to the Unitholders.
Guangzhou World Finance Center (GZIFC)
By implementing the technique of “one distinctive policy for every key customer”, it successfully launched clear high 100 issue-owned key enterprises, industry bellwethers and main enterprises in high-cease service industry similar to BOCOM Schroders and China Lifestyles as successfully as two law companies renting a full floor, with a newly shrunk predicament of roughly 25,000 sq.m. for the 365 days, of which high quality customers accounted for 50%. GZIFC additionally renewed leases with a replacement of key tenants similar to CCB Fintech and Société Générale, with a renewed leasing predicament of 26,000 sq.m. for the 365 days and the renewal payment of key tenants reached 87%.
The GZIFC having a explore mall engaged in the positioning and adjustment in producers. By resources integration and multi-channel replace solicitation, it concluded fresh contracts with 9 producers for the length of the 365 days, with a condominium raise of 14.3%.
Four Seasons Resort’s room earnings exceeded the pre-pandemic level in 2019, on the back of realistic room payment of RMB2,238, representing a 365 days-on-365 days raise of 32.6%. The realistic occupancy payment of Four Seasons Resort became seventy nine.9%, representing a 365 days-on-365 days raise of 23.5 share parts. The realistic occupancy payment of Ascott Serviced Residences reached 90.2%, representing a 365 days-on-365 days raise of three.1%. The realistic room payment became RMB1,117, representing a 365 days-on-365 days raise of 11.3%.
Yuexiu Financial Tower
Yuexiu Financial Tower successfully shrunk with industry bellwethers similar to Yinghe Regulation Firm and Huajin Securities, and facilitated the expansion of existing lease areas for interior key tenants collectively with Chong Hing Bank, with a newly shrunk predicament of roughly 20,000 sq.m. for the 365 days. It additionally renewed leases with key tenants similar to Wanglaoji and ZTE, with the renewal payment reaching 78% and the lease increasing by 3.2% for the 365 days.
White Horse Constructing
White Horse Constructing utilized true replace solicitation, and tapped deep into the replace enviornment for target customers, thereby successfully expediting replace solicitation and gross sales. By the cease of the 365 days, the occupancy payment of White Horse Constructing climbed to 95.8%, representing a 365 days-on-365 days raise of 14.6 share parts. Persevering with to innovate replace items, it successfully launched 15 up-and-coming fashion fashion designer producers into the “China Long-established Create Stamp Immoral”, consolidating the fresh positioning and promoting the transformation and upgrading of White Horse Constructing.
Fortune Plaza and City Style Plaza
With sturdy management of lease renewal, Fortune Plaza recorded a somewhat high renewal payment of 82% for the 365 days. Style Plaza launched a high quality customer, Pufanglimin Know-how, contributing to the continuous raise in the percentage of tenants participating in the suggestions abilities industry. Taking inspire of the lease expiry of a colossal predicament, it additionally successfully launched successfully-identified companies similar to China Merchants Lifestyles Insurance coverage and Dongxing Securities .
Victory Plaza
Victory Plaza successfully renewed leases with its anchor tenant Uniqlo and key customer China Merchants Bank. For devices prone to vacancy, Victory Plaza launched successfully-identified producers similar to Wuu’s Hong Kong Cuisine to counterpoint its trace portfolio. With regards to operation and promotion, it actively mobilised the resources of predominant retail outlets and organised joint actions with successfully-identified producers in the having a explore mall, which successfully drove the annual gross sales of the having a explore mall to grow by 28% 365 days-on-365 days,
Shanghai Yue Xiu Tower
Shanghai Yue Xiu Tower actively retained customers by splitting devices to swimsuit tenants’ wants, and relocating floor and other strategies. As a outcome, the occupancy payment of Shanghai Yue Xiu Tower rebounded to 89.2% at the cease of the 365 days from a low of 81.2% for the length of the 365 days. It additionally equipped tailor-made lease renewal plans for existing teach high quality customers, and renewed leases with six key customers collectively with Hongta Securities.
Wuhan Properties
Yuexiu Fortune Centre successfully launched high quality customers similar to FAW Hongqi and Dongguan Securities, recording a newly shrunk predicament of 23,000 sq.m. for the 365 days. It actively promoted cooperations between the government and enterprises. It worked with the Qiaokou District Govt to organise actions difficult different sectors. It additionally communicated with enterprises to title customer wants as successfully. It pushed forward the true renovation and modification of vacant devices to successfully match market calls for, and the renovated devices recorded a high sell-via payment of 90%, drastically shortening the replace solicitation cycle.
Starry Victoria Taking a explore Centre launched 20 merchants collectively with CHAGEE and Watsons, which successfully improved the running image and quality of the principle floor of Hall A and met the user wants of customers from the place of job constructing. The newly shrunk predicament for the 365 days reached 11,000 sq.m., and the occupancy payment rose to 90.2% in opposition to the present downtrend at the cease of the duration. The annual gross sales of the having a explore mall elevated by 18% 365 days-on-365 days, and there absorb been 23 tenants who absorb been subject to the category of a higher fastened lease and share of turnover.
Hangzhou Victory
Hangzhou Victory finished a renewal payment of 80% for the 365 days, realising the seamless transition for the vacated predicament of two,500 sq.m. By successfully exploring the leasing calls for of customers in the constructing, it facilitated the expansion of the leasing of the total seventh floor by a financially-sound customer, Caitong Securities,
SUSTAINABILITY
The Supervisor implemented several energy conservation and carbon reduction capital transformation and asset appreciation projects for GZIFC, Fortune Plaza and Victory Plaza for the length of the 365 days. GZIFC and Yuexiu Financial Tower finished the renewal of Platinum Certification, and Wuhan Yuexiu Fortune Centre got the Come by Zero Carbon Constructing Excellence Certification.
Yuexiu REIT signed a green loan with a full trace of RMB4 billion for the length of the 365 days for the reason of financing. By the cease of 2023, the percentage of green and sustainability linked loan became about 50.3%.
A replacement of mainstream ESG ratings or ratings for Yuexiu REIT absorb been elevated for the length of the 365 days, demonstrating the recognition level by the capital market. In teach, below the Global Actual Property Sustainability Benchmark (“GRESB”) Yuexiu REIT got Green “Four Superstar” ranking for the 2d consecutive 365 days (with a 5% raise in the final catch) and the ideal grade of “A” in public disclosure for the third consecutive 365 days.
Potentialities
In 2024, the Supervisor will successfully synergise a varied portfolio of replace formats, to make stronger the product adaptability, and captial transformation and enhancement for GZIFC, Yuexiu Financial Tower, White Horse Constructing, Four Seasons Resort Guangzhou, Shanghai Yue Xiu Tower, Wuhan Fortune Centre and Hangzhou Victory is anticipated to preserve out trace preservation and appreciation of the properties and to enhance the extent of leasing operation.
Whereas the market expects a slowdown in inflation, signalling a peak in the fervour rates of US buck and Hong Kong buck, it is aloof anticipated that keenness rates will remain at a somewhat high level for a whereas. RMB passion payment has entered a downward snarl to stimulate economic recovery after the pandemic. In gentle of the rising foreign passion rates and the somewhat cheap of RMB, the Supervisor will continue to absorb a study and plot realistic modifications to its financing construction reckoning on expectations of market developments, similar to introducing low-trace RMB financing via free replace zone bonds, RMB loans and other formula, in show to peer extra beneficial financing trace to gash passion payment risk.
About Yuexiu Actual Property Funding Have confidence
Yuexiu Actual Property Funding Have confidence (“Yuexiu REIT”) became listed on the Hong Kong Stock Alternate of Hong Kong Puny on 21 December 2005 and is the principle listed true estate investment have faith handiest investing in properties in the People’s Republic of China (the “PRC”) in the arena. The fresh property portfolio comprises ten top quality properties, namely Guangzhou World Finance Center, White Horse Constructing, Fortune Plaza, City Style Plaza, Victory Plaza, Yuexiu Financial Tower in Guangzhou, Yuexiu Tower in Shanghai, Wuhan Properties in Wuhan (collectively with Wuhan Yuexiu Fortune Centre and Starry Victoria Taking a explore Centre), Victory Alternate Centre in Hangzhou and Yuexiu Constructing in Hong Kong, with a full predicament of ownership of roughly 1.184 million sq.m. All properties would be found in the central replace district of Guangzhou, Shanghai, Wuhan, Hangzhou and Hong Kong respectively. The categories of the properties encompass Grade-A offices, industrial complexes, retail replace, lodge, serviced apartments and dependable clothing market etc.
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Topic: Press initiate summary
Source: Yuexiu Actual Property Funding Have confidence
Sectors: Actual Property & REIT
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