Asiasec Properties Limited ("ASL"), formally known as Dan Form Holdings Company Limited ("Dan Form"), was incorporated in the year 1973, and was listed in the Stock Exchange of Hong Kong in the same year. In the year 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 2017, Dan Form changed its name to ASL.The Group’s core business comprise property investment, property leasing and estate managemant in Hong Kong.
General economic and real estate market conditions in Hong Kong improved in 2017. Residential property prices and transaction volumes rose significantly. The rise in e-commerce has continued to reduce upward pressure to rents for retail space, and healthier income trends and a rebound in visitor numbers have helped to stabilise retail rents. To capture the buoyant residential market, the Group’s remaining 41 houses situated at The Redhill Peninsula held by the associate (33.33% owned) are now being launched for sale in batches. We expect the rental income from Harbour Crystal Centre (portion) to remain stable. Looking ahead, the Group will continue to monitor local and overseas market conditions. With our strong financial position, the Group will endeavour to acquire Hong Kong and overseas properties when attractive opportunities arise in order to strengthen its investment property portfolio. The Group will focus on maintaining a healthy growth rate in recurring earnings and a stable financial profile. The Group will remain proactive in business operations and continue to be cautious in managing its finance.