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August 28, 2009

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Home » Business » Real Estate

Shui On sees 45% plunge in earnings

SHUI On Land Ltd, developer of Shanghai Xintiandi, the acclaimed restoration area in downtown Luwan District, said profit attributable to shareholders dived 45 percent in the first six months of this year.

This was due primarily to the deferral of profit contributions from one of its best-selling developments in Shanghai - Casa Lakeville in Xintiandi - and no stake sales to strategic partners in the period.

Net income amounted to 718 million yuan (US$105 million) during the January-June period, the developer said yesterday in an e-mailed press release to Shanghai Daily.

Turnover gained 18 percent to 1.33 billion yuan, in which property sales accounted for approximately 76 percent. The balance of 24 percent was mainly from rental income.

A total of 102,100 square meters of properties were sold during the six-month period, compared with 31,500 square meters in the same period a year earlier, said the Shanghai-headquartered company, the flagship property development arm of Hong Kong's Shui On Group.

The developer also said it will accelerate its growth through strategic partnerships.


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