Chinese developer cuts offshore debt

Business | Avery Chen 31 Aug 2018

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

Basic earnings per share was 11 fen and no dividend was declared.

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

The company acquired land totaling 4.95 million square meters during the first six months of the year in second- and third-tier cities in the Pan-Yangtze River Delta and the Pan-Pearl River Delta.

Secretary of the board Lei Yu said that faced with the yuan's depreciation, tight liquidity and rising financing costs, the company has optimized its debt structure by reducing the proportion of offshore debt. He said the company may adopt hedging measures to reduce exchange losses.

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