(22 February 2018, Hong Kong) Landing International Development Limited (“Landing International” or the “Company”, together with its subsidiaries, the “Group”, HKEx Code: 00582) announced financial results of the Group for the year ended 31 December 2017.

Financial Highlights

• Consolidated revenue from continuing operations was approximately HK$896.3 million (2016: HK$363.4 million), representing a YoY increase of 147%.
• Profit attributable to the owners of the Company turned to profit, recording approximately HK$505.1 million (2016: loss of approximately HK$ 1.1 billion)
• Gain on disposals was approximately HK$463.9 million
• Consolidated net asset value per share attributable to owners of the Company was approximately HK$0.16 (2016: HK$0.36 (restated)) as at 31 December 2017
• Bank balance and cash of approximately was HK$4.3 billion (2016: HK$6.8 billion) as at 31 December 2017
• Gearing ratio decreased dramatically to 16.0% (2016: 47.5%)

Segment Results

• Integrated resort development: Recorded revenue of approximately HK$69.7 million (2016: Nil), generated from the business of Jeju Shinhwa World 
• Property Development: Recorded revenue of approximately HK$590.8 million (2016: Nil) and profit of approximately HK$295.4 million (2016: loss of approximately HK$404.6 million) from sold and delivered resort condominiums in Jeju Shinhwa World to purchasers starting from 2017

Business Highlights:

• The construction work for the resort condominiums and villas in Jeju Shinhwa World, which was started in 2015, has been completed and the occupation permit was issued in January 2017. Following the grant of the Certificate of Accommodation Business in January 2017, Landing Jeju opened Somerset Jeju Shinhwa World, the first world-class full-serviced resort condominium in Jeju, in April 2017.
• Jeju Shinhwa World was opened in phases. In September 2017, Shinhwa Theme Park, in partnership with TUBAn Company Limited, a premier 3D animation company in South Korea, welcome its first customers. Jeju Shinhwa World Landing Resort, Landing Convention Centre and YG Republique (which is a collaboration with YG Entertainment) were opened in November 2017 while Jeju Shinhwa World Marriott Resort and Shinhwa Shoppes were opened in December 2017.
• Jeju Shinhwa World (excluding, among others, areas designated for gaming facilities) was designated as a Foreign Investment Zone under the Foreign Investment Promotion Law in December 2015. Landing Jeju was entitled to multiple tax relief benefits from 1 January 2016 onwards.

Outlook:

To further enhance Jeju Shinhwa World’s position as a world-class integrated leisure and entertainment resort, the Group is going to launch a variety of facilities to provide better product offerings to customers:

• A luxury Jeju Shinhwa World Four Seasons Resort & Spa in the heart of Jeju Shinhwa World, and Lionsgate Movie World, the first branded outdoor theme park built exclusively around world-famous movies at Jeju Shinhwa World. Both facilities are expected to be opened in 2019/2020.
• Waterpark and theme park hotel are under construction and are scheduled to open in around middle of 2018.
• Jeju Shinhwa World has partnered with Mr. Kwon Ji-yong (best known by his stage name of G-Dragon or GD), one of the most influential artists and a well-known leader in music and fashion trends in Korea and Asia as the official brand ambassador to promote Jeju Shinhwa World via multiple marketing platforms. The highly anticipated GD cafe within YG Republique is expected to open in late February 2018.
• The Group has received approval from the Government of Jeju Special Self-Governing Province to relocate its Landing Casino from Hyatt Regency to Jeju Shinhwa World, the Group’s flagship integrated resort, and increase the exclusive gaming floor area to approximately 5,500 square meters, about 7 times of its existing area of approximately 800 square meters. Landing Casino will house in the new property 155 live gaming tables including Baccarat, Poker, Black Jack, Roulette, Tai-sai, and 239 cutting-edge slot machines and electronic table games. Jeju Shinhwa World Landing Casino is scheduled to have a soft-opening on 25 February 2018.
• The Group will continue the marketing campaign to promote the sale of the properties and sell the rest of resort condominiums and villas in zone R in 2018.

Dr. Yang Zhihui, Chairman and Executive Director of Landing International Development Limited, said, “We had a fruitful year in 2017 and we are delighted to put Jeju Shinhwa World, the world-class integrated leisure and entertainment resort to operation. In 2018, we will focus our efforts on operating Jeju Shinhwa World to deliver on our promise to make Jeju Shinhwa World the first world-class integrated resort in Jeju that the residents will be proud of and also deliver shareholders’ value and return.”

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