A new member of the small and medium-sized real estate company’s listing team, Datang Real Estate, a real estate company headquartered in Xiamen, Fujian, submitted a prospectus to the Hong Kong Stock Exchange.
Editor’s note: This article comes from Zhongjing Jingwei , the author Xiong Jiali. Reprinted with permission.
Recently, a new member of the small and medium-sized real estate company’s listing team has been added. Datang Real Estate, a real estate company based in Xiamen, Fujian, has submitted a prospectus to the Hong Kong Stock Exchange. Ten years ago, Datang Real Estate reported the news of listing, but it was helpless, and the company was also included in the former richest woman in Fujian Huang Huang. After some expansion, Datang Real Estate regained its listing dream.
According to agency data, Datang Real Estate’s traffic sales in 2018 reached 30 billion yuan, ranking 77th among Chinese housing companies. It is worth noting that Datang Real Estate stated that its business layout has expanded to four domestic economic zones, but more than 98% of its sales come from the three cities of Zhangzhou, Nanning and Tianjin. In addition, Datang Real Estate’s previous net debt ratio has always been higher than the industry average. In 2018, the net debt ratio reached more than 4 times the industry average.
Relaunch after 10 years
A residential area in Sanya City Photo by Zhongxin Jingwei, Xue Yufei
According to statistics, Datang Real Estate was established in Taiwan, China in 1984, earlier than most mainland real estate companies in terms of establishment. In 1994, founder Yu Yingyi cleared Taiwan’s assets and Datang Real Estate moved to Xiamen, Fujian. By 2008, the company’s projects have reached 700,000 square meters.
In 2009, Datang Real Estate reported the news of listing, but under the influence of the global financial crisis and the death of Yu Yingyi, the listing plan was forced to run aground. In 2010, the company changed hands, and the current controlling shareholder, Huang Yan, acquired 70% of Datang Real Estate through Fuxin Hong Kong.
The prospectus shows that, since 1995, the real controller of Fuxin Group, Huang Hua, has carried out a number of domestic businesses through the group, including finance, high-tech product research and development, property development, and architectural design services. Fuxin Group is one of the founders of Minsheng Bank, as of this year