Suncity revenue down 70 percent in H1

Monday 31st of August 2020

Suncity Group Holdings has reported 2020 H1 results showing RMB93.7 million (US$14 million) in total revenues, a figure which is down 70 percent year-on-year.

The loss attributable to owners of the company was RMB118.6 million.

As of June 30, the firm held cash in the amount of RMB1.66 billion.

Turning to various development projects, he statement noted that the grand opening of the Hoiana resort in Vietnam has been rescheduled to 2021. In Russia, Phase 1 upgrading works at Tigre de Cristal have restarted. As for the Westside City Project in Manila, piling works have restarted and architectural design operations are proceeding. Finally, in Japan, the firm is “moving forward with plans to develop 40 villas and 100 hotel rooms on Miyako Island.”

Chairman Alvin Chau commented, “I would also like to reinforce the message to our shareholders that Suncity Group Holdings Limited remains well-funded. I personally fully supported the development of Suncity by dipping my own pockets to subscribe to Perpetual Securities of the group, because I sincerely believe in the long-term development of Suncity, and I am not worried about Suncity's ability of not repaying me. Suncity remains committed to international integrated resort development projects, including but not limited to: Hoiana, in Vietnam; Tigre de Cristal, in Russia; Westside City Project in the Philippines; as well as hotel and resort development in Miyako Islands, Japan.”