| ♦ 50% of revenue from overseas in 5 years |
 "Our growth momentum in the Australia property market reflects our execution abilities as we undertake more international projects to diversify our revenue base. We expect revenue contribution from overseas projects to be at least 50% in the next five years."-- Qian Jianrong (photo), executive chairman and CEO of Chiwayland International. |
AMBITIOUS AND HUNGRY -- that's what SGX mainboard-listed Chiwayland International is.
It reported FY2015 revenue only from its property projects in China (RMB 3.6 billion) but from this year, Chiwayland will have wider international revenue streams, starting with Australia.
And it has set its sights on projects in the US, Western Europe and Asia -- which could represent significant revenue generators, and it has to seek shareholders'approval for the moves in an upcoming EGM.
For this year, it will recognise revenue on completion of two Australian projects:
» Vivir, which comprises of 54 residential units and 1 commercial unit, in Brisbane;
» Uptown, which comprises of 220 residential units, in Roseville, Sydney.
Chiwayland has four other projects in Sydney, which consists of residential and commercial units.
The Group focuses on delivering a full suite of services ranging from real estate investment and development, township design and planning, project management, marketing and sales, building maintenance as well as investment properties management.
Spreading its wings further afield, Chiwayland has made its maiden foray into the U.S. with a mixed development project in Los Angeles, California – Urban Commons, LLC -- as announced on 23 March 2016.
This project is expected to include retail, hotel and residential units.
| ♦ Share buyback | ||||||||||||||||
The Group’s largest shareholder with a 74.75% stake is Mr. Qian Jianrong, the Executive Chairman and CEO. He said: “At the current share price and in view of our growth prospects, we believe that we are undervalued. The share buyback allows us to capture value for all our shareholders as well as address the minimum trading price requirement. We are excited for the internationalisation of our business and hope that shareholders will endorse our vision.” The proposed international expansion and share buyback mandate is subject to approval by shareholders at an extraordinary general meeting to be convened in August 2016. |
FYI: To further understand Chiwayland's business, read minutes of its recent AGM here.
