Business and logistics in China
Business and logistics park operator China South City plans to spend 16 billion HK dollars for the upcoming fiscal year to buy land and develop more facilities to support a partnership with e-commerce giant Tencent. Income developed services for e-commerce is expected to triple over the next three years, he said.
The company will set aside HK $ 12 billion for capital expenditures and $ 4 billion to Hong Kong for another HK $ 5 to buy land for the fiscal year 2014-2015, said CFO Stephen Fung .
The plan expenditures of China South City is in line with its goal of selling contract for the year, which is set to the range of 18 billion to HK $ 20 billion Hong Kong dollars, he said.
The company also aims to expand its recurring profit to 1.5 billion HK $ 2 billion Hong Kong dollars in the next three years, from 655.7 million dollars in Hong Kong last year, by way of e-commerce and supporting the growing market demand for storage.
Taobao the leader
Tencent
China South City signed a memorandum of cooperation with major online Tencent Tuesday. Both have agreed to cooperate in a number of areas, the platform e-commerce and network resources for the development of an integrated online platform online.China South City will develop a Wi-Fi service intelligent digital solution covering all of its projects to disseminate promotional messages to users Weixin, the communication system of mobile text and voicemail Tencent.
CSC-Weixin mall
It also plans to launch a CSC-Weixin mall products from the platform out of the South China City, allowing payment services and payment QR code Weixin. The agreement with Tencent comes after it has acquired a 9.9 percent in South China City in January to face a fierce competition between Tencent and Alibaba.According to Fung, China South City had been in contact with several parties before reaching the agreement with Tencent.
"Alibaba is also very good, but we felt that we have a better chemistry with Tencent," Fung said, when asked why the company chose Tencent, rather than Alibaba.
Fung said he believed the e-commerce initiative would bring more business for the company, but added that it is difficult to quantify the expected gains today that the partnership would take time to bear fruit.
E-commerce revenue in China South City for the first time in the second half of last year, mainly due to the contribution of one of the company's projects in Zhengzhou.
189 million HK e-commerce revenue constituted 1.4 percent of total dollar sales of the company - or 29 percent of recurring revenue - making it the largest source of income outside of properties sell, and greater than the rental income, property management, logistics and warehousing.
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