Friday, February 22, 2019
Martin Hennecke

More big figures in mainland real estate
Mainland developer Country Garden (2007) expects to record an increase of more than 90 percent in net profit for the year to December 31 compared to the previous 12 months.

The company said in a stock exchange filing that the strong growth achieved was due mainly to the rise of recognized revenue from the sale of properties of the group as well as to a substantial increase in the average selling price and the gross profit margin that can be achieved in its business. Shares of the developer rose 0.15 percent to HK$13.14 yesterday.

Also looking way up is Poly Property Group (0119), which announced it will have an increase in net profit for the financial year to December 31 of not less than 27 times the HK$80.7 million in the 12 months of 2016. An increase in the profit margin and a currency exchange gain thanks to the appreciation of the yuan contributed to outstanding results.

And Yuexiu Real Estate Investment Trust (0405) said its net property income amounting to 1.31 billion yuan (HK$1.61 billion) and gross income of 1.85 billion yuan were solid increases in the 12 months to the end of December compared to 2016 figures.

Also, China Resources Land (1109) achieved contracted sales of 11.1 billion yuan in January, up 9.3 percent year on year.

Meanwhile, Shui On Land (0272) recorded contracted property sales of 408 million yuan. Away from annual performances and down to business, Agile Group Holdings (3383) announced it has acquired a residential site in Huzhou, Zhejiang, for 1.12 billion yuan.

Previous news : Guangzhou R&F issues profit warning


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