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Group Profile

Corporate History

Chinese Estates Holdings Limited

Chinese Estates Holdings Limited (the "Company" and together with its subsidiaries, the "Group") was incorporated in Bermuda with securities listed on the Hong Kong Stock Exchange. The Group is principally engaged in property investment and development, property management, brokerage, securities investment, money lending, and cosmetics distribution and trading.

Listed below are the major developments of the Group:

1978The forerunner of our Group was a company called Evergo Holdings Company Limited (formerly Evergo Industrial Enterprise Limited) ("Evergo") which was established by Mr. Joseph Lau, Luen-hung. Evergo was engaged in the manufacture and sale of electronic products, ceiling fans, kerosene heaters, bug killers and lighting fixtures.
1983Evergo became listed on 16th August, 1983.
1985Evergo diversified its business to investment holding and property management services and reduced its operation in manufacturing and sale of electronic products.
1986Evergo acquired 43% of the issued shares of Chinese Estates, Limited ("CEL"), a HK-listed company which was engaged in real estate investment and development, securities investment and financial services. Through this ownership, Evergo held 10.7% of HK-listed China Entertainment and Land Investment Company, Limited ("China Entertainment"), the owner of the Entertainment Building in Central.
1987China Entertainment acquired two HK-listed companies, Paul Y. Construction Company, Limited ("Paul Y. Construction") and China Entertainment Strategic Investments Limited ("CESIL") which were engaged in building construction and securities investment respectively.
1988The Company began to diversify its property interests to the PRC through the participation in the development of the Oriental Arts Building Complex in Beijing.
1989The five listed companies within the Group shifted their domicile oversea after a series of group reorganisation and with schemes of arrangements and the listings were replaced by their new holding companies. As a result, CEL, Evergo and China Entertainment became wholly-owned subsidiaries of the Company, Evergo International Holdings Company Limited ("Evergo International") and China Entertainment and Land Investments Holdings Limited ("China Entertainment Holdings") respectively. Paul Y. Construction and CESIL became wholly-owned subsidiaries under the ownership of Paul Y. Holdings Company Limited ("Paul Y. Holdings") and Superford Financial Holdings Limited ("Superford") respectively.
1990Paul Y. Holdings and Superford merged and became wholly-owned subsidiaries of Paul Y. International Group Limited ("Paul Y. International") which replaced the listings of the two former companies.
1991The construction business under Paul Y. Construction was sold.
1992Paul Y. International was privatised by China Entertainment Holdings in February and concentrated its activities on property investment and development.

China Entertainment Holdings was privatised by the Company in September to consolidate the assets of both companies.

The Group expanded its property interests in the PRC.
1993The Company rationalised the group structure by a merger with its then controlling shareholder, Evergo International, turning Evergo International into a wholly-owned subsidiary of the Company. After a series of restructuring, the various listed vehicles within the Group were consolidated and privatised into only one listed vehicle, namely, Chinese Estates Holdings Limited.
1996The Company reclassified its interest in the PRC by demerging Evergo China Holdings Limited ("Evergo China") from the Group by a successful separate listing of Evergo China in November. Immediately after the listing, Evergo China remained as a subsidiary of the Group and became the Group's PRC properties vehicle for property development and investment in the PRC. Evergo China was principally engaged in property development and investment, investment holding and financing in major or emerging cities in the PRC.
1998The Group, through a 50:50 joint venture vehicle, acquired around 64.29% interest in a HK-listed company, The Kwong Sang Hong International Limited ("Kwong Sang Hong").
2000The interest held by the 50:50 joint venture vehicle in Kwong Sang Hong was reduced to 53.52% in July after three share placements.

The Group acquired 66.89% interest in a HK-listed property company, Chi Cheung Investment Company, Limited ("Chi Cheung") in November.
2001The interest held by the Group in Chi Cheung increased to 72.68% in May after the creditors of Chi Cheung exercised their put options pursuant to the scheme of arrangement of Chi Cheung and a share placement.

Evergo China was privatised by the Company in November.
2002The Group further acquired 7.6% direct interest in Kwong Sang Hong in January and February 2002.
2003The interest held by the Group in Chi Cheung decreased to 71.94% in November after an asset transaction with Chi Cheung and a special dividend by way of distribution in specie by the Company.

The Group acquired 57.56% interest in a HK-listed company, G-Prop (Holdings) Limited ("G-Prop") in November. The acquisition and restructuring were completed in January 2004.
2004The Group further acquired 2.38% direct interest in Chi Cheung in January 2004. The total interest in Chi Cheung increased to 74.32%.
2005Upon the completion of privatisation of Kwong Sang Hong in February, the interest of the Group in Kwong Sang Hong increased from 34.36% to 50%.

The interest held by the Group in Chi Cheung was reduced to 61.93% in February after share placement of Chi Cheung.

The interest held by the Group in G-Prop was reduced to 50.10% in February after share placement of G-Prop.

Listing and permission to deal in certain Zero Coupon Convertible Bonds due 2010 became effective on 21st April, 2005.
2006The Company has adopted new corporate governance measures as detailed in the 2005 annual report of the Company to further safeguard and protect the interests of the Company and its shareholders.

Mr. Lau, Ming-wai was appointed as an executive director of the Company on 15th December, 2006.
2007The interest held by the Group in G-Prop was reduced to 34.99% in June after share placement of G-Prop.

Withdrawal of listing of the Zero Coupon Covertible Bonds 2010 with effect from 30th August, 2007.

The interest held by the Group in G-Prop was diluted to 13.69% in October after allotment and issue of new shares of G-Prop.
2008After acquisition of shares of G-Prop in February, and mandatory unconditional cash offers by the Group for all the issued shares and convertible bonds of G-Prop which closed in May, the Group held 50.20% of shares of G-Prop and convertible bonds issued by G-Prop in the principle amount of HK$108 million. In October, G-Prop has redeemed its convertible bonds held by the Group.

Mr. Lau, Ming-wai was re-designated as a non-executive director of the Company on 31st October, 2008.
2009Additional corporate governance measures adopted in 2006 were revoked with effect from 1st January, 2009.

A share award scheme was adopted by the Company on 14th January, 2009.
2010Mr. Lau, Ming-wai was appointed as the vice chairman of the Company on 1st December, 2010.
2012The Group disposed of its entire shareholding in G-Prop to an independent third party in early August 2012.
2013The Group disposed of its entire shareholding in Chi Cheung to an independent third party in early February 2013.
2014

Mr. Joseph Lau, Luen-hung resigned from his offices of executive director, chairman and chief executive officer of the Company on 14th March, 2014.

Mr. Lau, Ming-wai was appointed as the chairman and acting chief executive officer of the Company and re-designated from non-executive director to executive director on 14th March, 2014.

Mr. Lau, Ming-wai was re-designated as the chief executive officer of the Company on 15th April, 2014.

2015

Mr. Lau, Ming-wai resigned as the chief executive officer of the Company and re-designated as a non-executive director of the Company on 1st November, 2015.

Ms. Chan, Sze-wan was appointed as the chief executive officer of the Company on 1st November, 2015.