He Ping, son of late military officer He Biao [zh], and the son-in-law of the former Chinese leader, late Deng Xiaoping, is the former chairman of the company.[4] He Ping was also the chairman of the parent company China Poly Group, which had a military background in the past.
The corporate entity of Poly Property was established in 1973, originally as a shipping company called Continental Mariner Investment Company Limited (Chinese: 新海康航業投資有限公司, abb. CMIC[5]).[6] In 1993, China Poly Group Corporation acquired 55% stake in the company and converted its business from shipping to conglomerate, as a reverse IPO.[citation needed] In 2005, CMIC was renamed to Poly (Hong Kong) Investments Limited.[5][7] In 2012 the company renamed again as Poly Property Group Co., Ltd..[6]
Poly Property entered Hong Kong property market in 2014 by purchasing a land lease "New Kowloon Inland Lot No.6527" in an area formerly belonging to Kai Tak Airport, for HK$3.923 billion.[8] The site was developed into Vibe Centro.[9]
As of 31 December 2016[update], Poly (Hong Kong) Holdings and its subsidiaries, owned 40.39% shares of the listed company (the subsidiaries are BVI companies Congratulations Co., Ltd., Source Holdings and Ting Shing Holdings respectively).[10] Poly (Hong Kong) Holdings itself is a subsidiary of state-owned China Poly Group; China Poly Group owned an additional 6.93% shares of Poly Property, via mainland China incorporated "Poly Southern Group Co., Ltd." (Chinese: 保利南方集团有限公司).[2]: 126 As Poly Property was incorporated outside mainland China, but controlled by Chinese Central Government indirectly, the company was considered as a red chip.[11]
Charmian Xue Ming and independent non-executive directors: Choy Shu Kwan, Leung Sau Fan (Sylvia Leung) and Wong Ka Lun, also owned negligible number of the shares.[2]: 125
Poly Property also issued perpetual capital instrument in the past for CN¥1 billion. During 2016 financial year, all the bonds were fully redeemed by the company.[2]: 279
^"2010 Annual Report"(PDF). Poly (Hong Kong) Investments. 30 April 2011. Retrieved 22 June 2017.
^ ab"Change of company name"(PDF) (Press release). Continental Mariner Investment Company. 3 December 2004. Retrieved 22 June 2017 – via Hong Kong Exchanges and Clearing website.
^ abAccording to filings in the Company Registry (Hong Kong)
HK$030.580 billion (2016)
HK$122.073 billion (2016)
