Property stocks fall despite higher revenues

Business | Tracy Hu 8 Dec 2017

Overall mainland property stocks fell in the Hong Kong market yesterday in spite of, as in many cases, dramatically higher revenues this year.

At Country Garden (2007), where shares fell 1.92 percent, its mainland sales for the 11 months to November rose 85.6 percent to 534.3 billion yuan.

China Overseas Land & Investment (0688) said it has contracted sales worth HK$18.74 billion, a 74.2 percent year-on-year rise, with 1.18 million square meters up 34.26 percent.

The company also said it had acquired seven new land parcels totaling 2.59 million square meters, of which four would be developed in collaboration with other developers. Land premiums payable amounted to 13.17 billion yuan.

Longfor Properties (0960), meanwhile, has also reported issuing more contracts, increasing by 29 percent to 8.03 billion yuan from a year ago. Gross area was 605,000 square meters.

For the past 11 months, its sales totaled 148.44 billion yuan, up 85 percent from the period last year. Total area contracted, 9.736 million square meters.

China Overseas Grand Oceans (0081) sold 234,400 square meters valued at HK$2.6 billion. Last month it acquired three new projects to develop more than 900,000 square meters in eastern China; this is worth 3.4 billion yuan.

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