Poly Property
| Company type | Public |
|---|---|
| Industry | Real estate development |
| Founded | 1973 |
| Headquarters | Hong Kong , China |
Area served | Yangtze River Delta, Pearl River Delta, second-tier provincial capitals in China |
Key people | Xue Ming (Chairperson), He Ping (former Chairperson) |
| Products | Residential and commercial property development, investment, asset management |
| Owner | China Poly Group (47.32%) |
| Parent | China Poly Group |
Poly Property Group Co., Ltd. is a Chinese real estate developer incorporated in Hong Kong, concentrating on mid-range to upscale residential and commercial developments. Its core operational regions encompass urban centers within the Yangtze River Delta, Pearl River Delta, and various second-tier provincial capitals. The firm’s activities primarily involve property development, investment, and asset management across these strategic metropolitan areas.
The company is publicly traded on the Hong Kong Stock Exchange and forms part of the Hang Seng China-Affiliated Corporations Index (commonly known as Red chip stocks).
He Ping, who formerly chaired both Poly Property and its parent entity China Poly Group, is recognized for his leadership role; he is also the son-in-law of the late Chinese leader Deng Xiaoping. China Poly Group, which has origins linked to the military, remains the largest shareholder with a 47.32% ownership stake, while the remaining 52.68% is held by public investors.
History
Founded in 1973 under the name Continental Mariner Investment Company Limited (CMIC), the company initially operated in the shipping industry. In 1993, China Poly Group Corporation acquired a majority 55% shareholding, shifting its business model from shipping to a diversified conglomerate through a reverse takeover. The firm was renamed Poly (Hong Kong) Investments Limited in 2005 and subsequently adopted its current designation, Poly Property Group Co., Ltd., in 2012.
Poly Property made its entry into Hong Kong’s real estate sector in 2014 by purchasing a land lease at the former Kai Tak Airport location for HK$3.923 billion, which was developed into the Vibe Centro residential project.
As of December 31, 2016, Poly (Hong Kong) Holdings along with its subsidiaries controlled 40.39% of Poly Property’s equity. These subsidiaries comprise BVI-registered entities such as Congratulations Co., Ltd., Source Holdings, and Ting Shing Holdings. Poly (Hong Kong) Holdings itself operates as a subsidiary of the state-owned China Poly Group, which additionally owns a further 6.93% stake via mainland China’s Poly Southern Group Co., Ltd. Due to this ownership framework, Poly Property is categorized as a red chip enterprise.
Senior management members including Chairperson Xue Ming and independent non-executive directors possess only nominal shareholdings.
Previously, Poly Property had issued perpetual capital instruments amounting to CNY 1 billion; however, these were fully redeemed within the fiscal year 2016.
See also
- Poly Real Estate, affiliated company
External links
- Articles with short description
- Companies listed on the Hong Kong Stock Exchange
- Real estate companies of China
- Conglomerate companies of China
- Government-owned companies of China
- Real estate companies established in 1973
- 1973 establishments in Hong Kong
- Holding companies of Hong Kong
- Conglomerate companies of Hong Kong
- Companies based in Shanghai
- China Poly Group