Yuexiu Property profit jumps to 1.8b yuan

Business | 13 Aug 2019 5:39 pm

Mainland developer Yuexiu Property (0123) reported today net profit for the first half grew by 42.4 percent year-on-year to 1.87 billion yuan (HK$2.08 billion).

Revenue increased by 1.14 times from the same period of the last year to 21.79 billion yuan.

The total contracted sales increased by 31.9 percent year-on-year to 36.9 billion, accounting for 54.3 percent of Yuexiu's full-year contracted sales target of 68 billion yuan.

Yuexiu declared an interim dividend of 5.3 HK cents, up by 26.2 percent in Hong Kong dollar terms compared with a year ago.

The developer recently acquired 14 land parcels in tier-one and tier-two cities such as Guangzhou, Shenzhen and Hangzhou, with a total gross floor area of  3.74 million square meters.

Yuexiu expects the property market to remain stable and that room for price increases to be limited with continuous market differentiation.

The market development of the tier-1 and key tier-2 cities will be steady, while the market demand in tier-3 and tier-4 cities is relatively weak, the company said.

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