Agile sales slump 40pc as spinoff IPO looms

Business | Avery Chen 24 Mar 2020

Agile's (3383) first-quarter property sales slumped by around 40 percent amid the Covid-19 outbreak and the mainland developer is setting a sales target of around 120 billion yuan (HK$130.81 billion) in 2020, about the same as the pre-sale value last year, chairman and president Chen Zhuolin said.

The developer is reportedly planning to spin off its construction arm Agile City to list in Hong Kong this year. The company said it does not have an initial public offering plan yet, but did not rule out the possibility.

Vice president Pan Zhiyong said the developer has resumed around 92 percent of constructions and reopened around 96 percent of sales centers in the mainland.

Net profit grew 5.4 percent to 7.51 billion yuan in 2019. Basic earnings per share were 1.935 yuan. It declared a final dividend of 40 HK cents per share.

Meanwhile, Greentown China (3900) expects first-half business to be affected, but the company is most likely to achieve the sales target of 250 billion yuan in 2020 if there are no "black swan" or "grey rhino" events, chairman Zhang Yadong said. Greentown's net profit rose 147.3 percent to 2.48 billion yuan in 2019. Basic earnings per share amounted to 55 fen. The company declared a final dividend of 30 fen per share. The developer has two dollar bonds worth US$1.1 billion (HK$8.5 billion) due in August and November. It said the repayment has been well prepared and it will refinance by issuing domestic bonds or bank loans.

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