Kowloon Development

Since its establishment, the Company had been engaged in property investment and investment holding with the operation of its business mainly in Hong Kong. The Company has substantially broadened the areas of its business activity since the Polytec group gained the control of it in 2002. The Group has been principally engaged in investment holding, property development, property investment and property management in Hong Kong, Mainland China and Macau, with the exposure to property development in Macau through the Company's 70.8%-owned listed subsidiary, Polytec Asset Holdings Limited (stock code: 208). The Group is determinedly committed to enhancing its competitive position, with its landbank amounting to approximately 3.7 million sq m of attributable gross floor area in Hong Kong and Mainland China as of end-June 2019. The main focus of the Group has been residential development in Hong Kong and Mainland China. In Hong Kong, the residential development project in Lei Yue Mun, namely One East Coast, has recently been completed and the development project 63 Pokfulam on Pok Fu Lam Road is expected to be completed in late 2019 or early 2020. Two other wholly-owned projects under development are located in Tseung Kwan O and on Clear Water Bay Road respectively. In Mainland China, the Group currently has development projects in Shenyang, Tianjin, Wuxi, Shanghai, Foshan, Huizhou and Zhongshan which are in various stages of planning and construction. In addition to the residential trading portfolio, the development project on Clear Water Bay Road contains significant retail development which is intended to be retained for long term investment purposes in order to grow the Group's portfolio of recurrent income producing properties to complement the present principal investment asset of the Pioneer Centre in Mongkok, Hong Kong. Besides expanding the existing landbank in an opportunistic manner and building out the present portfolio, the Company is focusing on building a strong brand as a thoughtful developer producing quality products. The Board and management wish to see a united team working together with passion and a drive for excellence in the products and services which the Company produces. By realising the inherent value of the landbank under this spirit, the Board believes this will enable a great enterprise to be built and to last. Selected Group's Property Development Projects