Investment Track Record

Under the management of APS, APIL has achieved a solid track record of returns for previous property investments since the inception.  Following is a list of selected realized investments:

Universal Trade

Property: Universal Trade Centre
Location: Central
Use: Commercial

Purchase Date: 2005 May 31
Selling Date: 2007 July 10

Purchase Price: HK$3,500 / sq ft
Selling Price: HK$6,180 / sq ft

Return on Purchase Price (Gross): 76.6%
Return on Equity Applied (Gross): 153.1%

Welcome Mansion

Property: Welcome Mansion
Location: Causeway Bay
Use: Residential

Purchase Date: 2005 September 25
Selling Date: 2008 September 30

Purchase Price: HK$3,428 / sq ft
Selling Price: HK$6,064 / sq ft

Return on Purchase Price (Gross): 76.9%
Return on Equity Applied (Gross): 153.8%

Hoi Kung Court

Property: Hoi Kung Court
Location: Causeway Bay
Use: Residential

Purchase Date: 2005 September 12
Selling Date: 2009 May 12

Purchase Price: HK$3,733 / sq ft
Selling Price: HK$6,111 / sq ft

Return on Purchase Price (Gross): 63.7%
Return on Equity Applied (Gross): 127.4%

Pearl Oriental House

Property: Pearl Oriental House
Location: Central
Use: Commercial

Purchase Date: 2006 March 31
Selling Date: 2009 June 26

Purchase Price: HK$4,000 / sq ft
Selling Price: HK$6,700 / sq ft

Return on Purchase Price (Gross): 67.5%
Return on Equity Applied (Gross): 133.0%

Centre Stage

Property: CentreStage
Location: Central
Use: Residential

Purchase Date: 2006 December 30
Selling Date: 2009 July 20

Purchase Price: HK$6,815 / sq ft
Selling Price: HK$9,759 / sq ft

Return on Purchase Price (Gross): 43.2%
Return on Equity Applied (Gross): 144.6%

Bank of America Tower

Property: Bank of America Tower
Location: Admiralty
Use: Commercial

Purchase Date: 2006 December 30
Selling Date: 2010 March 31

Purchase Price: HK$8,738 / sq ft
Selling Price: HK$16,000 / sq ft

Return on Purchase Price (Gross): 83.1%
Return on Equity Applied (Gross): 174.7%

83 Wanchai Road

Property: 83 Wanchai Road
Location: Wanchai
Use: Commercial

Purchase Date: 2005 August 31
Selling Date: 2010 October 28

Purchase Price: HK$2,420 / sq ft
Selling Price: HK$5,400 / sq ft

Return on Purchase Price (Gross): 123.2%
Return on Equity Applied (Gross): 244.6%

The Merton

Property: Blk 2, The Merton
Location: Western
Use: Residential

Purchase Date: 2006 December 30
Selling Date: 2011 June 17

Purchase Price: HK$6,241 / sq ft
Selling Price: HK$10,330 / sq ft

Return on Purchase Price (Gross): 65.5%
Return on Equity Applied (Gross): 161.1%

Note:
  1. Gross Return % = (Selling Price - Purchase Price) ÷ Purchase Price and does not reflect any borrowings used. 
  2. Gross Return on Equity Applied % = (Selling Price – Purchase Price) ÷ (Purchase Price – Initial Mortgage Loan). 
  3. The Gross Return % calculations in the above are not annualized.

Since its inception, APIL’s NAV per share has grown from HK$0.97 at June 2005 to HK $4.06 as at end of June 2020 (June 2020 figures based on unaudited management accounts and independent third-party property valuations).

APIL NAV PER SHARE

Net Assets (Or Shareholders Funds) of APIL have grown from HK$ 30.3 Million at June 2005 to HK$ 255.6 Million as at end of June 2020

APIL (in HK$m) Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20
Total Assets 37.1 67.2 100.7 204.4 161.3 170.8 416.1 442.6 492.3 543.3 625.8 551.3 528.9 613.2 614.5 353.7
Total Liabilities 6.8 24.8 39.8 74.7 57.9 34.3 153.1 161.1 171.8 176.8 190.1 148.1 217.9 228.5 234.7 98.1
Non Controlling Interest 0.0 0.0 0.0 0.0 0.0 0.0 39 43.2 43.6 55.7 68.8 62.1 66.9 77.8 78.3 0
Net Assets 30.3 42.5 60.9 129.7 103.4 136.5 224.0 238.3 276.9 310.8 366.9 341.1 244.1 306.9 301.5 255.6
Note:
  1. Net Assets is equivalent to Shareholders Funds, equal to Total Assets – Total Liabilities – Non controlling interest
  2. The year ended June 2005 start from 8 October 2004
  3. June 30 Year End figures are based on Unaudited Accounts
APIL PROPERTY ASSETS UNDER MANAGEMENT

Loan to Value Ratio (LTV) of the property portfolio remained below 50% for the financial years of 2005 to June 2020. The LTV as at end of June 2020 34.61%.

APIL (in HK$m) Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20
Property Assets (LS) 12.8 57.9 98.4 199.8 143.3 150.9 371.3 401.3 448.5 504.3 593.3 504 450.3 613.2 614.5 257.6
Bank Loans 6.1 23.8 33.5 58.4 48.2 20.2 129.4 137.2 142.4 144.0 146.7 117.6 189.6 191 234.7 89.2
Loan to Value (RS) 47.80% 41.10% 34.00% 29.30% 33.60% 13.40% 34.80% 34.20% 31.70% 28.50% 24.70% 23.30% 42.10% 36.30% 35.43% 34.61%
Note:
  1. Property Assets value are based on updated quarterly valuation from Colliers International; this figure is different to Total Assets value because Total Assets also include other assets
  2. The year ended June 2005 start from 8 October 2004
  3. June 30 Year End figures are based on Unaudited Accounts

Following is a snapshot of APIL consolidated property portfolio sector, for the financial years ended 30 June 2019 and June 2020 (Unaudited Accounts)

APIL Jun-19 Jun-20
Properties Number Value(HK$m) % by Value Number Value(HK$m) % by Value
Commercial 17 113.30 45.36% 17 116.85 45.36%
Industrial 0 0 0.00% 0 0 0.00%
Residential 15 143.62 54.64% 15 140.73 54.64%
Total 32 256.92 100% 32 257.58 100%

 

APIL CONSOLIDATED PROPERTY PORTFOLIO 2019 APIL CONSOLIDATED PROPERTY PORTFOLIO 2020

 

Following is a table showing properties sold by APIL in financial year ended 30 June 2020.

Properties / Use (R/C) Location Purchase Date (y/m/d) Selling Date (y/m/d) Purchase Price (HK$) Selling Price (HK$) Gross Return
(%)
Gross Return on Equity Applied (%)
88C Pok Fu Lam Western 4-Nov-10 30-Nov-19 80 Million 270 Million 237.5% 514.60%
Total       80 Million 270 Million 237.5% 514.60%
Note:
  1. Gross Return % = (Selling Price – Purchase Price) ÷ Purchase Price and does not reflect any borrowings used.
  2. Gross Return on Equity Applied % = (Selling Price – Purchase Price) ÷ (Purchase Price – Initial Mortgage Loan).
  3. The Gross Return % calculations in the above are not annualized.
  4. Mortgage Loan for the above sold properties are HK$43,074,951