SOHO China net profit triples in first half

By Cherry Cao | August 20, 2013, Tuesday |

Online Edition

SOHO China Ltd, a leading commercial real estate developer in China, said today that its net profit more than tripled in the first half of 2013 thanks to a shift in business strategy.

The Beijing-based developer said its net profit surged 242 percent year-on-year to 2.1 billion yuan (US$343 million) in the first six months of this year.

"Outstanding rental income registered at SOHO properties in Shanghai and Beijing proved that our strategic shift from a build-and-sell model to a build-and-hold model since last August is correct and successful," according to a statement released by SOHO China.

Core net profit, excluding gains on investment properties, soared 130 percent to 537 million yuan between January and June, the developer said.

"We remain upbeat about China's economy in the long term," said Pan Shiyi, chairman of SOHO China. "With abundant cash in hand, SOHO China is able to seize opportunities and withstand fluctuations in the market."

As of June 30, SOHO China had amassed 15.2 billion yuan in cash, the Hong Kong-listed company said.

SOHO China said last year that it intends to hold prime office and retail spaces totaling 1.5 million square meters - 1.12 million square meters in Shanghai and 380,000 square meters in Beijing - and expects annual rentals from its existing portfolio to exceed 4 billion yuan in five years.

The company currently has 16 developments in Beijing and 12 in Shanghai either completed or under construction.

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SOHO China net profit triples in first half

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