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Chinese builder's profit gains 21% in 2012
Source: Bloomberg News |
March 19, 2013, Tuesday
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Print Edition
CHINA Overseas Land & Investment Ltd's 2012 profit rose 21 percent on gains from property revaluations and the sales of stakes in some projects.
Net income rose to HK$18.7 billion (US$2.4 billion), or HK$2.29 a share, from a restated HK$15.5 billion, or HK$1.89 a share, a year earlier, the company said in a Hong Kong stock exchange filing yesterday. That compares with the HK$16.9 billion average estimate of three analysts, according to data compiled by Bloomberg News. Sales rose 26 percent to HK$64.6 billion.
The state-owned developer benefited from focusing on first-tier cities, which include Beijing and Shanghai, as home prices rebounded in the second half after interest rates eased. Prices in Beijing rose 5.9 percent last month from a year ago, the biggest gain since February 2011, while those in Shanghai jumped 3.4 percent, a government data yesterday showed.
The Hong Kong-traded stock fell 2.1 percent to close at HK$21.10, after the earnings were announced during the midday break. That extends its losses this year to 8.7 percent, compared with a 6.3 percent decline in the Hang Seng Property Index, which tracks the nine biggest Hong Kong-listed builders, including China Overseas.
China on March 1 imposed its toughest curbs in a year, ordering the central bank to raise down-payment requirements and interest rates for second mortgages in cities with excessive price gains. It also enforced a property sales tax and told local governments with the biggest price pressures to tighten home-purchase limits.
China's new home prices posted the broadest gain since December 2011, in 62 out of 70 cities the government tracked in February, the National Bureau of Statistics said yesterday.
China Overseas, which builds homes and offices in 34 cities in the mainland, said operating profit from its property development business in the country rose 17 percent to HK$21.6 billion, accounting for 80 percent of the group's total profit.
Profit excluding revaluations, or core profit, rose 21 percent to HK$15.8 billion from 2011, it said.
Net income rose to HK$18.7 billion (US$2.4 billion), or HK$2.29 a share, from a restated HK$15.5 billion, or HK$1.89 a share, a year earlier, the company said in a Hong Kong stock exchange filing yesterday. That compares with the HK$16.9 billion average estimate of three analysts, according to data compiled by Bloomberg News. Sales rose 26 percent to HK$64.6 billion.
The state-owned developer benefited from focusing on first-tier cities, which include Beijing and Shanghai, as home prices rebounded in the second half after interest rates eased. Prices in Beijing rose 5.9 percent last month from a year ago, the biggest gain since February 2011, while those in Shanghai jumped 3.4 percent, a government data yesterday showed.
The Hong Kong-traded stock fell 2.1 percent to close at HK$21.10, after the earnings were announced during the midday break. That extends its losses this year to 8.7 percent, compared with a 6.3 percent decline in the Hang Seng Property Index, which tracks the nine biggest Hong Kong-listed builders, including China Overseas.
China on March 1 imposed its toughest curbs in a year, ordering the central bank to raise down-payment requirements and interest rates for second mortgages in cities with excessive price gains. It also enforced a property sales tax and told local governments with the biggest price pressures to tighten home-purchase limits.
China's new home prices posted the broadest gain since December 2011, in 62 out of 70 cities the government tracked in February, the National Bureau of Statistics said yesterday.
China Overseas, which builds homes and offices in 34 cities in the mainland, said operating profit from its property development business in the country rose 17 percent to HK$21.6 billion, accounting for 80 percent of the group's total profit.
Profit excluding revaluations, or core profit, rose 21 percent to HK$15.8 billion from 2011, it said.
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