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Developer Soho sees profit rise, turnover plunge
By Cao Qian |
August 25, 2011, Thursday
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Online Edition
Online Edition
COMMERCIAL property developer SOHO China Ltd announced today its first-half net profit climbed 2 percent to 1.75 billion yuan (US$273 million) amid valuation gains on investment properties.
Six-month turnover, however, plunged 69 percent to 2.646 billion yuan, mainly due to no new completion of projects, the largest developer in Beijing said in a statement to the Hong Kong stock exchange.
"A batch of rein-in policies aimed to curb housing speculation coupled with ever-tightening credit since the beginning of this year has left a significant impact on the residential market over the past months but in the commercial real estate sector we did perceive more merger and acquisitions opportunities in the tightening environment," said Pan Shiyi, chairman of SOHO China. "We will definitely stick to our strategy to expand our portfolio in prime locations in Beijing and Shanghai to seek sustainable growth."
Six-month turnover, however, plunged 69 percent to 2.646 billion yuan, mainly due to no new completion of projects, the largest developer in Beijing said in a statement to the Hong Kong stock exchange.
"A batch of rein-in policies aimed to curb housing speculation coupled with ever-tightening credit since the beginning of this year has left a significant impact on the residential market over the past months but in the commercial real estate sector we did perceive more merger and acquisitions opportunities in the tightening environment," said Pan Shiyi, chairman of SOHO China. "We will definitely stick to our strategy to expand our portfolio in prime locations in Beijing and Shanghai to seek sustainable growth."
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