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Group Profile

Corporate History

  • Chinese Estates Holdings Limited
  • Chi Cheung Investment Company, Limited
  • G-Prop (Holdings) Limited

G-Prop (Holdings) Limited

Corporate ProfileG-Prop (Holdings) Limited was incorporated in Bermuda and is publicly listed in The Stock Exchange of Hong Kong Limited.  Its core businesses are property investment for rental and investment and finance.
1990G-Prop (Holdings) Limited (formerly known as International Tak Cheung Holdings Limited) ("the Company") was incorporated in Bermuda in June. The Company and its subsidiaries ("the Group") engaged in building and civil engineering works in Hong Kong as well as manufacturing of precast and prestressed concrete products. The Company became listed in September by offering 72,500,000 shares to the public.
1992The Group began selling petroleum products and engaging in property investment.
1997In November, the Company's former substantial shareholder Dr. Chan Kwok Keung, Charles disposed of his entire shareholding interest in the Company to Tung Fong Hung (Holdings) Limited ("TFH").
1998The Group became principally engaged in property investment through a series of business restructuring.

In May, TFH disposed of its entire shareholding interest in the Company to Fullway Champion Incorporated which was wholly-owned by a discretionary family trust, the eligible beneficiaries of which included Mr. Lo Bing Kai.

Due to the significant decline in property prices, the Group recorded a substantial loss.
2003Facing the financial distress, the Company accepted a rescue package in the form of a restructuring arrangement offered by Chinese Estates Holdings Limited ("Chinese Estates") in July. The creditors and shareholders of the Company accepted the restructuring proposal from Chinese Estates, involving schemes of arrangement between the Company and its creditors, capital reorganisation and the subscription of new share capital of the Company by Chinese Estates. The schemes of arrangement, having been approved by the Company's creditors and shareholders, and sanctioned by the Courts in Hong Kong and Bermuda became effective on 21st November 2003. Thereafter, Chinese Estates became the controlling shareholder of the Company. The restructuring arrangement was completed in January 2004.
2005102,800,000 shares were allotted to the independent investors pursuant to the Placing Agreement entered into between the Company and its Placing Agent on 1st February 2005.
2007

In October, the Group acquired 100% equity interest in Inner Mongolia Yize Mining Investment Co., Ltd. (unofficial English translation name) which would be setting up a plant in Erdos (鄂爾多斯) in Inner Mongolia for manufacturing methanol products using coal as raw material ("Methanol Project").  

At the same time, the Company issued (i) 493,678,883 shares and 740,518,325 shares to Asian Kingdom Limited ("AK") (an ultimately wholly owned by Mr. Lau Luen-hung ("Mr. Lau")) and Fame Ascent Investments Limited ("KB Sub") (an indirect wholly owned by Kingboard Chemical Holdings Limited) respectively and (ii) convertible bonds of HK$72 million and HK$108 million to AK and KB Sub respectively. Therefore, Chinese Estates Group together with AK's shareholding, Mr. Lau is the controlling shareholder of the Company and deem to hold 38.04% of the issued share capital of the Company.
2008

In February, Chinese Estates Group purchased 740,518,325 shares, representing 36.51% of the issued share capital of the Company, from KB Sub. Then, each of Chinese Estates Group and AK held 1,018,377,086 and 493,678,883 shares (aggregately 1,512,055,969 shares or representing 74.55% of the issued share capital of the Company).

In May, the closure of the mandatory unconditional cash offers by Chinese Estates Group, each of Chinese Estates Group and AK held (i) 1,018,380,590 and 493,678,883 shares respectively (aggregately 1,512,059,473 shares or representing 74.55% of the issued share capital of the Company) and (ii) the principal amount of HK$108 million and HK$72 million of the convertible bonds of the Company respectively.

In June, the Group acquired various floating rate notes of HK$163 million in order to better ultilise the unused Subscription Proceeds.

In July, the Group completely ceased the Methanol Project was approved by the independent shareholders.

In October, the Group has redeemed in full the convertible bonds issued by the Company with principal amount of HK$180 million.
2009In June, the Company issued and allotted 400,000,000 shares to a number of independent investors via placing agent in order to raise additional funds for future development of the Group and strengthen the Group's financial position.