Following China PRC's urbanization development and "Shenzhen in Building a Pilot Demonstration Area of Socialism with Chinese Characteristics", Realord Group has actively been engaging in cooperatig with China PRC Government to carry out affordable housing and various types of property projects, so as to commence property investment, property development, and even urban renewal business. While creating values for the shareholders and meeting for the rigid demands in the housing market, the Group is dedicated to pursuing for a better lifestyle and constructing an ideal, joyful and harmonious home.
A. Urban Renewal Projects
1. Laiying Garden Urban Renewal Project
The Group was selected by relevant stakeholders as the market developer of the redevelopment of Laiying Garden located in Nanshan District, Shenzhen. Demolition of the existing residential units and infrastructures is expected to be commenced in late 2021 once government approval is granted.
2. Guan Zhang Electronic Factory Urban Renewal Project (Qiankeng Property)
The Qiankeng Property was acquired by the Group in June 2016. With the application submitted to Shenzhen Longhua District Urban Renewal Bureau on the change of land use from industrial to commercial and residential for redevelopment purpose in May 2017, the Group obtained the agreement in principle from relevant government authorities in respect of the Qiankeng Property in early 2020 that such redevelopment would be changed from indemnificatory housing to affordable commodity housing. The redevelopment plan of Qiankeng Property, which is regarded as a major renewal project of Longhua District, was principally agreed by the Urban Renewal Bureau in August 2020. The Group has been approved as the authorised developer of the project by the related government authorities in January 2021. Selection of design and construction proposals has been carried out and demolition of the existing factory and infrastructures has been completed by the Group in May 2021. The redevelopment works will be commenced once permits are obtained from relevant government authorities.
3. Qianhai Weilu Cross-Border Logistic Park Urban Renewal Project (Zhangkengjing Property)
The Group acquired the Zhangkengjing property in September 2015, and applied to change its land use from industrial to commercial and residential for redevelopment purpose in February 2017. The application is being reviewed by the relevant government authorities as at the reporting date. Property units are currently used for rental purpose.
B. Commercial Property
1. Realord Villas Project
The Group holds commercial properties in Realord Villas Project, comprising a business apartment building, a shopping mall known as “Sincere Mall” (previously known as “Realord Mall”), retail shops, car parking spaces and other related facilities. Following the operation commencement of the northern extension (Qinghu Station - Niuhu Station) of Shenzhen Metro Line 4 in October 2020, it is expected that the accessibility of Realord Villas Project would be further enhanced given it is conveniently situated less than 100 meters away from the High-tech Zone East Station of Shenzhen Tram which is connected to Shenzhen Metro Line 4. Moreover, accessibility of the Project may be further optimized in the future, given that Guanhu Station of the proposed Shenzhen Urban Rail Line 22, as suggested by the “Detailed Traffic Plan of Shenzhen Urban Rail Line 22” compiled by the Shenzhen Municipal Bureau of Planning and Natural Resources in April 2020, will be situated adjacent to “Sincere Mall”. The renovation works of the business apartment building and shopping mall, which were initially scheduled to commence in June 2020, were delayed during the period under review as a result of the COVID-19 outbreak and are targeted to complete in the third quarter of 2021. Leasing of the investment properties is underway. Signed tenants included renowned supermarket, chained convenience store, restaurants, pharmacy store, laundry shop, fitness centre and beauty salon. However, due to the prolonged recovery of COVID-19 pandemic, the Group was still in discussion with certain potential tenants, such as big catering groups.
2. Realord Technology Park
Realord Technology Park is positioned to become an integrated venture capital platform in incubating innovative enterprises. According to the outline plan （《深圳市人民政府關 於支持光明科學城打造世界一流科學城的若干意見》） drafted by the Shenzhen Municipal Planning and Natural Resources Bureau and Guangming District Government in April 2020, the Shenzhen Municipal People’s Government supports to build a “Guangming Science City” in Guangming District. By 2025, the 99-square-kilometer science city is expected to take shape as a world-class science city gathering a number ofworld-class scientific facilities and innovative enterprises, and is projected to be a core functional area of the Guangdong-Hong Kong-Macao Greater Bay Area international innovation and technology hub. Located at Guangming District and proximate to the Fenghuang Town Station of Shenzhen Metro Line 6 inaugurated in August 2020, Realord Technology Park would be well-positioned to seize potential development opportunities arise in that area. The Group obtained the permit from relevant government authorities in respect of the increase in construction scale of Phase II of the Realord Technology Park in August 2021. Phase I and Phase II of the Realord Technology Park, which comprises office and apartment buildings, will be planned to develop once the government approval is granted.