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China Economic Net: Oceanwide Holdings releases Annual Report 2016—revenue rose by nearly 80% under the drive of real estate and finance business


China Economic Net, Beijing, 2017-04-24. Oceanwide Holdings, whose strategic transformation and internationalization strategy have attracted wide attention, released its annual report 2016 tonight. Driven by excellent performances in real estate and finance business, the Group garnered total revenue of RMB 24.671 billion in 2016, representing an increase of 79.41% over the previous year.  Net profit attributable to shareholders amounted to RMB 3.109 billion, an increase of 37.96% over the previous year. Meanwhile, Oceanwide Holdings also recorded total assets and net assets of RMB 167.836 billion and RMB 18.325 billion, representing a year-on-year increase of 37.15% and 45.04%, respectively.

In 2016, Oceanwide Holdings actively responded to new changes in the real estate and financial sectors. In the real estate sector, the Group innovated in property development and operation modes and profit models, and created an organic, unified and diversified profitability model integrating property sales, operation, and investment and management. As a result, the real estate business recorded an income of RMB 18.545 billion, representing an increase of 97.34% over the previous year and accounting for 75.17% in the total revenue of the Group. This provides strong support for its transformation. As for the finance business, the Group drew on the experience of industry leaders to build its financial platform, constantly improve its own management level and risk control level, and initiatively change the mode of development. Benefited from the preliminary diversified financial layout and new vitality and potential from the core platforms, the finance business recorded an income of RMB 6.049 billion, representing an increase of 40.55% over the previous year and taking up 24.52% in the total revenue of the Group.

The new annual report says that, after years of systematic layout, integration and optimization, Oceanwide Holdings now owns several core financial platforms, including Minsheng Securities, Minsheng Trust, Asia-Pacific Property & Casualty Insurance, Minsheng Financial, etc. In addition, the Group has applied for the setting up the Minsheng Fund at its full cost and the Asia Pacific Reinsurance and Asia Pacific Internet Life Insurance as a main sponsor. Hence, the Group's financial service platforms are growing constantly, while its financial service chain continues to expand.

In 2016, Oceanwide Holdings, as the controlling company of Minsheng Trust, increased the registered capital of Minsheng Trust to RMB 7 billion. As a result, the registered capital of Minsheng Trust leapt to top 10 in the field. In 2016, the revenue and net profit of Minsheng Trust amounted to RMB 1.921 billion and RMB 951 million, representing a year-on-year growth of 77.54% and 143.22%, respectively. Meanwhile, Minsheng Securities and Asia-Pacific Property & Casualty Insurance increased efforts to optimize weaknesses and made substantial improvements in terms of development strategies, business structure, institutional layout, and staffing optimization. The construction of the Internet financial platform has been basically completed, with a number of business qualifications being obtained and product development and promotion progressing orderly. Meanwhile, permits of the financial platform under preparation are being handled actively, and relevant preparatory work is being advanced steadily to launch the platform as soon as possible.

In 2016, Ocean Holdings also made outstanding achievements in strategic investment and internationalization. On one hand, the Group actively seeks high-quality strategic investment opportunities both at home and abroad through its affiliated equity companies, China Oceanwide Holdings Group, China Oceanwide Holdings Limited and other platforms, to serve its transformation and development. On the other hand, the Group firmly grasps M&A and investment opportunities in overseas finance, real estate and other sectors, to further better overseas asset portfolio and business layout.

Oceanwide Holdings made RMB 6 billion new investments in 2016, including key investment projects such as YF Capital, Wanda Media, BAIC BJEV, and WeWork and projects held by overseas investment platforms such as CITIC Limited (0267.HK) and Huiyuan Juice (1886.HK). Moreover, Oceanwide Holdings also acquired two real estate projects—US Los Angeles west side project and Hawaii Ko Olina No. 1 project, signed the contract to acquire Quam Limited—a full license broker listed on Hong Kong Stock Exchange, and acquired shares of the largest US insurance group Genworth Financial.

Oceanwide Holdings says that 2017 will be a critical year for the Group's future development. It will firmly grasp opportunities in the process of China's economic transformation and upgrading and focus on "efficiency improvement and value creation", to speed up business transformation and upgrading and strengthen the endogenous development momentum. Oceanwide Holdings will consolidate the synergies between business platforms and prevent risks associated with financial services and "internationalization" in priority, to ensure the sustained and healthy development of the Group.