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china new town development (1278) Details

China New Town Development Company Limited, together with its subsidiaries, engages in planning and developing large-scale new town projects in the People’s Republic of China. The company operates through Land Development and Others segments. It provides land infrastructure development and construction of ancillary public facilities; sells land use rights; develops or manages residential and commercial properties; and golf club and hotel management services; and convention center rooms and conference facilities. The company also offers leasing of investment properties; hospital investment and health consultation, travelling information and wedding etiquette, gynaecology and obstetrics, property management, consultation, sports management, investment and asset management, and procurement management services. In addition, it provides real estate development, rental, and consultation; and enterprise investment consultation services. The company was founded in 2002 and is based in Central, Hong Kong. China New Town Development Company Limited is a subsidiary of China Development Bank International Holdings Limited.

Founded in 2002

china new town development (1278) Top Compensated Officers

Chief Executive Officer and Executive Directo...
Total Annual Compensation: CNY449.0K
Executive Vice Chairman
Total Annual Compensation: CNY1.6M
Head of Legal Affairs for China and Vice Pres...
Total Annual Compensation: CNY921.0K
Executive Director
Total Annual Compensation: CNY306.0K
Executive Director
Total Annual Compensation: CNY169.0K
Compensation as of Fiscal Year 2014.

china new town development (1278) Key Developments

China New Town Development Company Limited Enters into a PPP Cooperative Investment Agreement with Danyang Investment Group Company Limited and Jiangsu Municipal Development Company Limited

China New Town Development Company Limited announced that the Company has entered into a Public-Private-Partnership ("PPP") cooperative investment agreement with Danyang Investment Group Company Limited and Jiangsu Municipal Development Company Limited. The Company agrees to contribute in aggregate additional capital of RMB 200 million in form of registered capital to Danyang Tiansheng New Town Development and Investment Company Limited through its designated wholly-owned subsidiaries. Pursuant to the Agreement, the Company will undertake the development and operation of the Danyang Water Engineering Project (the "Project") as the private sector investors, and enjoyed a guaranteed 13% annualized return quarterly during the construction period for the first two years of the Project. At the end of the development period, Danyang Investment commits to fully purchase at par the equity stake in the Project Company held by the Company. preset return rate. The Project's total investment shall amount to about RMB 1.6 billion. On top of the enlarged share registered capital of RMB 546 million, the Project Company shall be strengthened by a dedicated project financing from CDB amounting to no less than RMB 1.12 billion. The cooperation period of the Project spans over 15 years, among which the development period with CNTD's participation spans over 2 years and the maintenance period lasts for additional 13 years. Located at the greater Shanghai economic corridor of the Yangtze River Delta, Danyang is among the most rapidly growing and fiscally sound economies in the Jiangsu Province. The choice of CDB Jiangsu Branch and CDB Capital, through the Company, for Danyang as the first ever PPP project location is due to its economic vibrancy and solid safety, positioning it as a sustainable model to widely replicate in future projects. Most importantly, the Project's investment well demonstrates the synergies between the Company's equity investment business and CDB's lending business in the field of urbanization. In the Project, CDB's lending shall contribute up to nearly 70% of the Project's total investment amount, and committed for long term, ensuring the Project has sufficient development funding for success.

China New Town Development Company Limited, CDB New Town (Beijing) Asset Management Co., Ltd, Bank of Communications Schroder Fund Management Co., Ltd and China Development Bank Capital Corporation Limited Enter into Limited Partnership Agreement

China New Town Development Company Limited announced that CDB New Town (Beijing) Asset Management Co., Ltd, Bank of Communications Schroder Fund Management Co., Ltd. and China Development Bank Capital Corporation Limited entered into a limited partnership agreement pursuant to which an establishment of an investment partnership of total amount of RMB 10 billion, the CDB(Beijing)-BOCOMM New-Type Urbanization Development Fund is proposed. Pursuant to the Agreement, the investment of the Partnership amounts to RMB 10 billion in total, and an aggregate amount of RMB 2 billion among the total investment in the Partnership is to be contributed by the entities within China Development Bank system, bringing effective leverage to 5x. Specifically, Bank of Communications Schroder Fund Management Co., Ltd. being the senior-tranche limited partner will contribute RMB 8 billion at the return rate as PBOC benchmark rate plus 1.60% (currently 7.25% per annum). CDB Development Fund being the mid-tranche limited partner will contribute RMB 0.8 billion at a fixed rate of 12% per annum. CDBC and CDB New Town, the wholly-owned subsidiary of the Company, both being junior-tranche limited partners will primarily enjoy the entire profit of all investments made by the Partnership after the interests above-mentioned are met. The Partnership will primarily invest in fixed-income investments (pure debt or mezzanine type investments), the security and safe exit of which shall be enhanced by commensurate collaterals or guarantees by qualified counterparties. Thanks to the prudent investment style and the powerful influence of China Development Bank, CDBC has maintained solid track record in terms of investment returns over the past 5 years. The Partnership will inherit such investment blueprint and focus on highly-leveraged investment within projects that enjoy high safety coefficients. The company therefore expects to receive promising investment returns from the Partnership. Pursuant to the Agreement, the partnership's investment will primarily focus on old town reformation, shanty town reformation, primary land development and integrated land and property development; it will also explore investment opportunities in municipal facilities. It has been just over a year after CDBC's acquisition of the Company. In terms of business portfolio and financial capabilities, the Company is currently weak in relative terms as compared to CDBC itself. Therefore, support from its parent company is necessary in substantiating the Company's fast growth. In this RMB10 Billion Partnership, CNTD only contributes RMB150 million, thus the investment risks are to be reasonably balanced and diversified. Moreover, CNTD is able to closely participate in quality projects nationwide via the Partnership. As such, CNTD is expected to enjoy better position in capturing downstream opportunities in the construction related to urbanization, particularly development and operation of new towns and municipal facilities. It does not only help optimize the Company's revenue model and strengthen its project pipeline, but also in the long term consolidate the Company's positioning as the core operational platform in urbanization under CDBC.

China New Town Development Company Limited Announces Executive Changes

On June 5, 2015, China New Town Development Company Limited announced that it has been informed by the substantial shareholder of the company, SRE Investment Holding Limited (SREI) that PRC Changzhou Procuratorate has implemented certain measures to require Mr. Shi Jian (Mr. Shi), the Executive Director and the Vice-Chairman of the Board, to inhabit under custody in designated residence. Immediately after the company was informed of the Measures imposed on Mr. Shi, the senior management team has conducted a comprehensive internal checking with all members of the Group and confirmed that: all businesses, subsidiaries and assets are operating and performing as usual; none of the assets of the Company has been frozen or seized in light of the Measures imposed on Mr. Shi; and no event of default under the existing facilities of the Group has been triggered in light of the Measures imposed on Mr. Shi. While Mr. Shi is an executive director of the Company, he is not involved in the daily operations of the company, which is managed by a dedicated team independent of Mr. Shi. Nevertheless, as Mr. Shi is not expected to be able to fulfil his responsibilities as a director during the period when the Measures remain effective, the Board has urgently appointed Mr. Li Yao Min, non-executive director of the Board, to temporarily assume Mr. Shi's responsibilities of daily operations and decision making at the Board, to ensure the continued operational efficiency of the Group.

 

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Valuation 1278 Industry Range
Price/Earnings 29.7x
Price/Sales 49.2x
Price/Book 0.8x
Price/Cash Flow 719.0x
TEV/Sales 21.6x
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