Country Garden Appoints Peng Guoqiang As The New Regional President For Malaysia-Singapore Region

Familiar with the local market here, Peng Guoqiang steps into his new role with immediate effect

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Country Garden Danga Bay
Country Garden Danga Bay

The Country Garden Malaysia-Singapore Region hereby announced that a recent management adjustment was made. The appointed regional president for Malaysia-Singapore region, Su Baiyuan stepped down from his position. Despite the changes, he is still the Director General Manager of Country Garden Pacificview Sdn Bhd, Executive Director and Vice President of Country Garden Group, and continues to take charge of overseas markets.

The newly appointed successor, Peng Guoqiang is now the new regional president. He has years of working experience in Malaysia-Singapore Region, which made him familiar with the local market and business development. He has rich experience and outstanding capabilities. He was the Regional Vice President in charge of company operations and project management. With the recent changes, our company’s business goal of developing the Malaysian market will remain unwavering.

The current pandemic situation is still severe, affecting the construction, operation as well as the rhythm of company’s business development. Nonetheless, this has not changed our company’s determination and belief in exploring the local market.

During pandemic, the property services adopted variety of measures to ensure the residents and staff’s safety. In addition to the movement control, the property management has come out with value-added services such as food delivery and errand services. All these are to ensure everybody’s wellbeing and safety while abide to the movement restriction during the pandemic.

On 24 August, Country Garden’s 2021 interim report results showed that as of 30 June 2021, Country Garden achieved contracted sales of approximately 303.09 billion yuan, a year-on-year increase of 14%, and contracted sales area of approximately 34.51 million square meters, an increase of 8% year-on-year. it also shows that Country Garden’s revenue was 234.93 billion yuan in the first half of 2021, a year-on-year increase of 27%, net profit was 22.42 billion yuan, a year-on-year increase of 2.3%, and its gross profit was 46.28 billion yuan, a year-on-year increase of 3.1%.

In addition, Country Garden continued to maintain a high return rate in the first half of the year. The return rate of equity sales reached 90%, which has maintained 90% or above for 6 consecutive years, leading the industry. Furthermore, as of 30 June 2021, Country Garden’s total loan dropped to approximately 324.24 billion yuan, and its net borrowing ratio was 49.7%, a decrease of 5.9 percentage points from the end of last year. The weighted average borrowing cost was 5.39%, a decrease from the end of last year.

Country Garden’s available cash balance is as high as 186.24 billion yuan, with ample cash on hand. These data show that Country Garden continues to grow steadily. It has achieved good performance in terms of equity sales, area growth, return rate and operating performance, maintaining a leading position, demonstrating the Group’s good business development and sound financial status.

Country Garden is hoping that the government will introduce sufficient economic recovery measures and related preferential policies to assist businesses to revive post pandemic. Country Garden Malaysia – Singapore region will put endless effort and work hand in hand with the government, industry, and industry players to promote the recovery and development of the local economy.