news

guangdong-based real estate developer china aoyuan has changed its owner.

september 20,china aoyuan group co., ltd. disclosed information such as the introduction of strategic investors, changes in authorized representatives and changes in board committee members.

on the same day, ace rise profits limited, a major shareholder of china aoyuan, signed an agreement with multi gold group limited, an investment institution from the middle east.accordingly, ace rise agreed to transfer 621,728,877,000 ordinary shares of the company to multi gold. as of the date of this announcement, the sole director and ultimate beneficial owner of multigold is mr. alobeidli.immediately following the completion of the transfer, multi gold will have an interest in 621.7 million shares of the company, becoming the company's single largest shareholder, representing approximately 16.48% of the company's total issued share capital. alobeidli has been appointed as a non-executive director and chairman of the board.

china aoyuan believes that multi gold is likely to establish an important strategic partnership with it for existing or future business. multi gold is identified as a strategic investor due to multi gold's acquisition of the target shares and its long-term strategic investment as a major shareholder of the company, which demonstrates multi gold's confidence in china's prospects. china aoyuan further believes that the transfer will not have any adverse impact on the company's overall operations and financial performance.

after the introduction of multi gold as a strategic investor, guo ziwen, the 60-year-old founder of china aoyuan, has been transferred from executive director to non-executive director and no longer serves as chairman of the board, chairman of the company's nomination committee and authorized representative of the company. guo ziwen is entitled to an annual director's fee of hk$402,000 and a discretionary bonus based on his performance.

the announcement shows that after the completion of the above transfer, guo ziwen holds 618 million shares of china aoyuan through ace rise and joy pacific group limited, accounting for about 16.38% of the total issued share capital, less than the 16.48% held by multigold. ace rise and joy pacific group limited hold 502 million and 116 million shares respectively.

screenshot of china aoyuan's official website

the announcement shows that alobeidli, 45 years old, received a bachelor's degree in management information systems from the united arab emirates university in 2001, a master's degree in project management and a master's degree in computer science from george washington university in 2008 and 2010 respectively, a master's degree in international business law from the university of paris ii in 2020, and a master's degree in data management and artificial intelligence from escp europe in 2022. he also completed the influential leaders program of the mohammed bin rashid center for leadership development (mbrcld) in 2020. alobeidli is currently continuing his studies at georgetown university, pursuing an executive mba program.

alobeidli has over 20 years of experience in various fields, including technology, real estate and strategic consulting. since 2023, alobeidli has served as the general manager of magnuvest investment (a morgan stanley investment company), which has been involved in several real estate projects in the uae. alobeidli served as the ceo of m5 telecom from 2001 to 2015 and m5 consultancy from 2015 to 2023, respectively.

china aoyuan said,looking ahead, it is expected that alobeidli will introduce potential investors to the company and bring more development opportunities to the company.

the announcement stated that alobeidli and china aoyuan entered into a letter of appointment, which will last for one year from september 20, 2024. the term of office will be automatically renewed and can be terminated by either party with not less than one month's prior written notice, and alobeidli is entitled to receive a director's fee of hk$800,000 per year.

in september last year, aoyuan completed all the guidance work for resumption of trading and resumed share trading. after the overseas debt restructuring plan was voted through by the creditors' meeting and approved by the relevant courts,country garden's overseas debt restructuring plan has met all restructuring conditions and officially came into effect on march 20 this year, making it the first guangdong-based real estate developer to complete overseas debt restructuring.

the 2024 interim results report shows that after the restructuring takes effect and in accordance with the terms of the plan, the company's obligations for certain preferred notes and bonds and borrowings of approximately rmb 45.083 billion have been released in exchange for the issuance of new preferred notes, convertible bonds and perpetual capital securities and new shares of the company. therefore, taking into account certain costs and expenses related to the restructuring, a profit of approximately rmb 26.638 billion has been recorded. excluding this profit, china aoyuan had a net loss of approximately rmb 304 million in the first half of this year.

as of june 30, china aoyuan's cash and bank deposits were approximately rmb 1.6 billion; restricted bank deposits were approximately rmb 2.318 billion.

guo ziwen stated at the shareholders' meeting held on june 28 that after the completion of the restructuring, the company's overall net assets will increase by approximately rmb 31.35 billion, and its interest-bearing liabilities in june 2024 will decrease by approximately rmb 28.4 billion compared with december 2023 (the above amounts are subject to the audit results). the balance sheet condition has improved significantly, helping the company's asset structure to remain stable.

year 1moon~in june, china aoyuan delivered 16 projects in 12 cities, totaling 8,800 housing units. china aoyuan's total turnover was approximately rmb 4.734 billion, a year-on-year decrease of 56.7%. property development income, other income from hotel operations, and property investment income accounted for 84.4%, 13.7% and 1.9% respectively. sales property revenue was approximately rmb 3.994 billion, a year-on-year decrease of 56.9%. the total floor area of ​​the delivered properties was 410,000 square meters, a decrease of 64.3%.

china aoyuan is a long-established guangdong-based real estate developer, founded in guangzhou in 1996 and listed on the hong kong stock exchange in 2007.

in 2019, china aoyuan's sales exceeded 100 billion yuan for the first time, reaching 118 billion yuan, ranking among the top 30 sales companies in the country.in 2020, its sales further increased to 133 billion yuan, ranking firmly among the top 30 in the industry.

source: the paper, daily economic news