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Poly Property | |||||||||
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Type | public company | ||||||||
SEHK: 119 | |||||||||
Industry | Real estate development | ||||||||
Founded | 27 February 1973 | ||||||||
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Website | polyhongkong.com.hk | ||||||||
Footnotes /references
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Poly Property Group Co., Ltd. | |||||||
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Traditional Chinese | 保利置業集團有限公司 | ||||||
Simplified Chinese | 保利置业集团有限公司 | ||||||
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Poly Property | |||||||
Traditional Chinese | 保利置業 | ||||||
Simplified Chinese | 保利置业 | ||||||
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Poly (Hong Kong) Investments | |||||||
Traditional Chinese | 保利(香港)投資 | ||||||
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Continental Mariner Investment | |||||||
Traditional Chinese | 新海康航業投資 | ||||||
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Poly Property Group Co.,Ltd.,is a Hong Kong incorporated Chinese property developer,with its major businesses include property development,investment and management. It mainly develops mid to high-end residential and commercial properties in the cities along Yangtze River Delta and Pearl River Delta as well as the second-tier provincial capitals. [3] [ failed verification ]
Poly Property is a constituent of Hang Seng China-Affiliated Corporations Index (Red chip index)
He Ping,son of late military officer He Biao ,and the son-in-law of the former Chinese leader,late Deng Xiaoping,is the former chairman of the company. [4] He Ping was also the chairman of the parent company China Poly Group,which had a military background in the past.
The corporate entity of Poly Property was established in 1973,originally as a shipping company called Continental Mariner Investment Company Limited (Chinese :新海康航業投資有限公司,abb. CMIC [5] ). [6] In 1993,China Poly Group Corporation acquired 55% stake in the company and converted its business from shipping to conglomerate,as a reverse IPO.[ citation needed ] In 2005,CMIC was renamed to Poly (Hong Kong) Investments Limited. [5] [7] In 2012 the company renamed again as Poly Property Group Co.,Ltd.. [6]
Poly Property entered Hong Kong property market in 2014 by purchasing a land lease "New Kowloon Inland Lot No.6527" in an area formerly belonging to Kai Tak Airport,for HK$3.923 billion. [8] The site was developed into Vibe Centro. [9]
As of 31 December 2016 [update] ,Poly (Hong Kong) Holdings and its subsidiaries,owned 40.39% shares of the listed company (the subsidiaries are BVI companies Congratulations Co.,Ltd.,Source Holdings and Ting Shing Holdings respectively). [10] Poly (Hong Kong) Holdings itself is a subsidiary of state-owned China Poly Group;China Poly Group owned an additional 6.93% shares of Poly Property,via mainland China incorporated "Poly Southern Group Co.,Ltd." (Chinese :保利南方集团有限公司). [2] : 126 As Poly Property was incorporated outside mainland China,but controlled by Chinese Central Government indirectly,the company was considered as a red chip. [11]
Charmian Xue Ming and independent non-executive directors:Choy Shu Kwan,Leung Sau Fan (Sylvia Leung) and Wong Ka Lun,also owned negligible number of the shares. [2] : 125
Poly Property also issued perpetual capital instrument in the past for CN¥ 1 billion . During 2016 financial year,all the bonds were fully redeemed by the company. [2] : 279
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