Shui On Land (0272), chaired by Hong Kong businessman Vincent Lo Hong-shui, saw contracted property sales jump 56 percent to 24.8 billion yuan (HK$27.14 billion) in the first nine months of this year when most mainland peers suffered setbacks.
The increase in sales was mainly driven by higher home sales for its projects in Shanghai, despite the overall depressed property market in the mainland.
The developer's contracted property sales increased by 55 percent to 18.72 billion yuan in the first half, due to strength in Shanghai RHXC Ocean One and Shanghai RHXC Park Vera.
The projects major structures have been completed and are ready for handover next year, so the sales were not affected by the property crisis in the mainland.
And the sales in the third quarter also soared by 59.8 percent to 6.12 billion yuan.
Shimao Group (0813) plans to sell a 45 percent stake it owns in a property in Nanjing for 1.75 billion yuan to a joint venture set up by state-owned firms China Cinda Asset Management (1359) and Minmetals Capital.
The project is the development of an integrated mixed-use property in Nanjing, with a land area of 226,113 square meters, including residential, commercial and offices, and social and greenbelt spaces.
The consideration for the disposal is 1.75 billion yuan, which comprises 306.78 million yuan of the sale shares and 1.44 billion yuan for the assignment of the sale debt.
One of the aims of the sale is to reduce the indebtedness of the company and get its projects back on track.
Meanwhile, the contracted property sales of China Resources Land (1109) in the first three quarters was about 202.06 billion yuan, a decrease of 12.2 percent year-on-year.
Fitch Ratings has downgraded China-based property developer CIFI Holdings (0884) again within a month, lowering its long-term foreign-currency and local-currency issuer default ratings, and senior unsecured rating and the ratings on the outstanding notes to CC from BB-. The downgrade reflects CIFI's rising liquidity risks, amid market reports that it failed to make an interest payment for its convertible bonds (maturing on April 8, 2025) that was due in early October, and that it was also seeking to delay some principal and interest payments for other financial obligations.
