Man Sang International Limited (the “Company”) is listed on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: 938).
The Company is incorporated in Bermuda as an exempted company with limited liability under the Companies Act 1981 of Bermuda (as amended). The address of its registered office is Clarendon House, 2 Church Street, Hamilton HM11, Bermuda.
The Group focuses on the development, sales and leasing of properties in Mainland China.
In July 2016, the Group completed the acquisition of a property located in the central business district of Chongqing, the PRC (Known as “Chongqing Property”). The location of Chongqing Property is in Jiefangbei business district of Yuzhong District and is close to Jiefangbei Walking Street, which is a pedestrian lane with numerous retail shops. Given the geographical location of Chongqing Property, the Group considers that Chongqing Property will benefit from the heavy pedestrian flow nearby and thus aim to develop Chongqing Property to become a new landmark in Yuzhong District.
Chongqing Property is currently under redevelopment, which includes renovation without demolishing its building structure, from a commercial service building into a commercial/residential complex which will be held for sale and/or leasing purposes. It is expected that the redevelopment will be fully completed in or before the first quarter of 2019. After the completion of the redevelopment, Chongqing Property will comprise residential apartments for sale, service apartment for lease and retail units in a shopping mall for lease.
Currently, the redevelopment of the Chongqing Property was partially completed where the residential apartments have been made available for sale since March 2017. Since the Group anticipated the property price in Chongqing will continue to rise in the foreseeable future based on the current market trend, it is currently the Group’s business strategy to slowly and gradually offer the residential apartments for sale to the public in order to enjoy the anticipated growth in property price in Chongqing.
The remaining redevelopment consist of the service apartments (which will be managed by an international renowned hotel management group) and the shopping mall, which is expected to be completed and ready for lease in or before the first quarter of 2019. It is expected that it will be able to generate stable revenue stream to the Group in the long run.