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Net profits fall at 50% of listed property firms
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HALF of China’s listed property developers saw their net profits decline last year as the country’s real estate market cooled.
So far, 59 real estate firms have disclosed their annual results. Thirty posted a drop in net profits and, of those, eight saw losses, the Centaline Property Agency said yesterday.
The 59 firms reported total revenues of 510 billion yuan (US$78.8 billion), up 24.8 percent year on year. Their net income rose 9.4 percent on average, down from 10.5 percent a year ago, it said.
Zhang Dawei, chief analyst at Centaline, said that although many others have yet to disclose the results, they are expected to report profit declines, too.
CIFI Holdings (Group) Co, one of the better performers, saw its revenue grew 43 percent to 30.2 billion yuan, with core net profit rising 12.1 percent last year.
Lin Feng, president of CIFI Holdings, said the strong performance was due to the company’s strategy focusing on first and second-tier cities.
Many developers are also trying to seek new growth drivers.
Wanda, Greenland and Evergrande have launched financial services.
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