Greenland Hong Kong to reduce offshore debt

Business | 30 Aug 2018 5:16 pm

Developer Greenland Hong Kong (0337) posted an interim net profit of 332 million yuan (HK$381.48 million), up 46 percent year-on-year.

Revenue grew by 12 percent to 5.30 billion yuan, mainly as a result of the increase in gross floor area sold and delivered.

The basic earnings per share were 11 fen.

The company's land bank was 20 million square meters as of June.

Secretary of the board Lei Yu said, faced with yuan depreciation, tight market liquidity and rising financing costs, the company has optimized the debt structure by reducing the proportion of offshore debt. The company has also continued to broaden financing channels such as domestic corporate bonds, ABS, CMBS, and REITS.

The company may adopt hedging measures to reduce exchange losses in the second half.

Chief operating officer Hou Guangjun, said the annual contracted sales target of 40 billion yuan remains unchanged. The company has booked 18.51 billion yuan contracted sales from January to July and that saleable resources in the second half would amount to 38 billion yuan.

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