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.
General economic and real estate market conditions in Hong Kong weakened somewhat in the second half of 2018, over fears of rising interest rates and prolonged trade war between China and US. Residential property prices were strong up to the middle of the year, then began to soften and transaction volumes dropped significantly. A rebound in visitor numbers, especially from mainland China, have helped to stabilise retail rents. We expect the rental income from Harbour Crystal Centre (portion), which is particularly popular with shoppers from mainland China, to remain stable.
Looking ahead, the Group will monitor market conditions closely. With our strong financial position, the Group will consider selectively acquiring attractive Hong Kong and overseas properties in order to strengthen its investment property portfolio. The Group will continue to 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.