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Greentown seeks to restructure debts
By Cao Qian |
August 28, 2012, Tuesday
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Print Edition
Print Edition
GREENTOWN China Holdings Ltd, a luxury home builder in east China's Zhejiang Province, will optimize its debt structure and stabilize its net gearing ratio as the developer seeks sustainable development.
The Hangzhou-based developer, the largest builder in the province, will restructure its debts, Bloomberg News reported, citing remarks made by CEO Shou Bainian at a press conference held in Hong Kong yesterday.
In a filing to the Hong Kong Stock Exchange on Sunday, the firm said its net income more than doubled to 1.8 billion yuan (US$284 million) in the first half of this year while revenue rose 12.3 percent annually to 12.6 billion yuan during the six months ended June.
It said its net gearing ratio fell to 93.5 percent at the end of June from a high of 148.7 percent at the end of last year, following disposals of a number of projects since late last year.
The first half of 2012 was of "milestone significance" in Greentown's history as the developer relieved its financial strain through measures such as introducing strategic investors and disposing certain projects, the filing said.
On June 8, Greentown said it agreed to sell HK$5.1 billion (US$657 million) worth of shares and convertible securities to Wharf Holdings Ltd, while two weeks later it said it will transfer 50 percent of its stakes in nine projects to Sunac China Holdings Ltd for 3.37 billion yuan.
Many Chinese developers have been divesting assets to raise cash due to the government's austerity measures.
The Hangzhou-based developer, the largest builder in the province, will restructure its debts, Bloomberg News reported, citing remarks made by CEO Shou Bainian at a press conference held in Hong Kong yesterday.
In a filing to the Hong Kong Stock Exchange on Sunday, the firm said its net income more than doubled to 1.8 billion yuan (US$284 million) in the first half of this year while revenue rose 12.3 percent annually to 12.6 billion yuan during the six months ended June.
It said its net gearing ratio fell to 93.5 percent at the end of June from a high of 148.7 percent at the end of last year, following disposals of a number of projects since late last year.
The first half of 2012 was of "milestone significance" in Greentown's history as the developer relieved its financial strain through measures such as introducing strategic investors and disposing certain projects, the filing said.
On June 8, Greentown said it agreed to sell HK$5.1 billion (US$657 million) worth of shares and convertible securities to Wharf Holdings Ltd, while two weeks later it said it will transfer 50 percent of its stakes in nine projects to Sunac China Holdings Ltd for 3.37 billion yuan.
Many Chinese developers have been divesting assets to raise cash due to the government's austerity measures.
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