On behalf of the board of directors (the “Board”) of Goldin Financial Holdings Limited (the “Company” or “Goldin Financial”), I am pleased to present the annual report of the Company for the year ended 30 June 2019 (“FY2019” or the “Year” or “financial year under review”).
In FY2019, the Group consolidated and expanded its real estate business through a series of corporate transactions, thus building up new growth engines. The Company has geared up for business opportunities in the coming years to pave the way for long-term growth.
The businesses generally take a wait-and-see attitude and plan cautiously in light of Hong Kong’s current market conditions. As a result, the property sector lost momentum. Nevertheless, we are optimistic about a recovery of confidence in Hong Kong’s real estate market for the long term.
Our investment properties, Goldin Financial Global Centre, is a grade-A office building in Kowloon East. It contains a food and dining zone for our specialty and fine-dining restaurants which offer healthy light refreshments, exquisite Asian and Western cuisines. The building’s office occupancy rate rose progressively as more multinational corporations moved into Goldin Financial Global Centre during the year.
We expanded the portfolio of our property development projects by undertaking a new residential property project in the Kai Tak Area this year. We aim to tap the area’s potential for development. We are confident about the prospect of our real estate business.
WINE AND RELATED OPERATIONS
In the financial year under review, our wine operations was faced with headwinds such as the escalating Sino-United States trade war and the global economic instability. To cope with the situation, we continued to strengthen our global wine operations and maintain a stable supply of both our self-produced wines and other carefully selected labels in our offerings. Our well-equipped wine cellar in the Guangzhou Free Trade Zone which is reserved for storing premium wines for ourselves and our customers provides strong support for our wine-trading business in Hong Kong and mainland China. Our wine retail business in mainland China won business from local restaurants and individual consumers.
Meanwhile, we made progress in our restaurant business by opening a new café, “Sip”, which offers healthy light refreshments. We are planning new initiatives to promote our restaurants at Goldin Financial Global Centre with attractive gourmet choices.
The factoring market in China remained highly competitive. It was even complicated by the escalating trade war between China and the United States. We expect that our factoring arm, Goldin Factoring (China) Development Limited, will continue to face challenges in the short term.
We will enhance the risk management system of our factoring business, and continue to sharpen our competitive edge and grasp opportunities in both the local and international markets in the coming years.
THE WAY FORWARD
To cope with the volatile global economy, we will adhere to our prudent approach to business and strategies. We will remain dedicated to maximizing returns to shareholders by exploring and grasping opportunities for further business development.
I would like to extend my sincere gratitude to my fellow members of the Board and other colleagues for their unwavering commitment to the Group’s business.
Pan Sutong, JP
Hong Kong, 25 September 2019