Asiasec Properties Limited ("ASL"), formerly known as Dan Form Holdings Company Limited ("Dan Form"), was incorporated in 1973, and was listed in the Stock Exchange of Hong Kong in the same year. In the year of 2016, the company and its subsidiaries (the "Group") was acquired by Autobest Holdings Limited, a wholly-owned subsidiary of Tian An China Investments Company Limited (Stock Code : 28), which becomes the largest shareholder of the Group. Mr. Patrick Lee Seng Wei is the Chairman of the Group. In the year of 2017, Dan Form changed its name to ASL.The Group’s core businesses comprise property investment, property leasing and estate managemant in Hong Kong.
Real estate market conditions in general continued to improve in 2018. Residential and prime office sale prices in Hong Kong reached new highs.
There is a future risk of indirect negative effects from the ongoing 'trade war' between the United States and China. However, the Group expects the rebound in mainland Chinese visitors to Hong Kong to support healthy retail sales. This should benefit the businesses located in Harbour Crystal Centre. The Group therefore expects lease contract renewals to be at moderately higher rates.
The Group’s remaining 41 houses situated at The Redhill Peninsula held by the associate (33.33% owned) continue to be launched for sale in batches. The Group have received feedback from agents that many potential buyers would prefer to fit out the houses themselves. The Group will now offer this option to future buyers on selective units.
The Group will continue to monitor local and overseas market conditions and target attractive investment opportunities for long-term acquisitions. The Group will also remain proactive in our operations and continue to be prudent in managing our finances.