Comprehensive Overview

The group is a real estate investment trust fund spun off by Shunfeng Holdings (002352.SZ). Currently, the investment union includes three properties located in Hong Kong, Foshan and Wuhu, all of which are modern logistics properties. The total leasable area is 307,000 square meters, and the average occupancy rate is about 95.3%. All three properties are equipped with automatic distribution centers and supply chain support facilities, and are close to major airports, seaports, railways, highways and transportation links.

Risk Factors

Some properties where the group is located in Hong Kong do not comply with government land grants and building regulations. In particular, the tenants connected to Shun Fung used the target property for handling warehouses and supporting facilities, which did not match the specified purpose of the property. They also did not have permission to change the parking lot and loading yard floor plan. This is contrary to the government approval letter, and may lead the Hong Kong government to take enforcement action against the Shun Fung Housing Trust Fund, which in turn has a negative impact on the operation and financial performance of the Shun Fung Housing Trust Fund