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Greentown profit dips
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PROPERTY developer Greentown China Holdings Ltd yesterday said net profit plunged nearly 58 percent to 2.1 billion yuan (US$338 million) last year as it sold property projects at lower prices amid a slowdown.
Revenue rose 10.5 percent year on year to 32 billion yuan, the company said in a filing to the Hong Kong stock exchange.
“The fall in profit was mainly due to higher land costs as well as lower selling prices of the projects, with gross margin narrowing from 28.4 percent to 23.5 percent,” Greentown’s Chief Financial Officer Feng Zheng said yesterday.
The developer cut its contracted sales target to 60 billion yuan for 2015 from last year’s 65 billion yuan, citing difficulties of selling remaining supplies despite hopes for the government to relax policies to stimulate housing demand.
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