SOHO China profit jumps 33%

By Cherry Cao | March 4, 2014, Tuesday |

Online Edition

SOHO China Ltd, the largest prime office developer in Beijing and Shanghai, said today core net profit jumped 33 percent from a year earlier to 4.44 billion yuan (US$724 million) in 2013.

Core net profit, excluding valuation gains on investment properties, surged 33 percent last year, mainly due to the relatively high profit margin of Towers 1 and 2 of Wangjing SOHO in Beijing, which were completed and delivered during the period, the Beijing-based developer said in a statement to the Hong Kong stock exchange.

Net profit attributable to shareholders dropped 30 percent from 2012 to 7.39 billion yuan, while turnover fell to 14.6 billion yuan last year from 15.3 billion yuan in 2012, the company said.

"2013 was the first year of the company's transition from a `build and sell' to a `build and hold' business model, which has been successful so far," SOHO China said in the statement, citing chairman Pan Shiyi. "We made great progress under the new business model, which is in line with the overall economic trend and development of the real estate industry in China."

Contracted sales amounted to 4.68 billion yuan last year, compared with 9.47 billion yuan registered in 2012.

As of December 31, 2013, SOHO China had 10.65 billion yuan in cash and bank deposits, the company said.

SOHO China announced last week that it had entered into an agreement to sell two of its Shanghai projects to Shenzhen-listed Financial Street Holding Co for 5.23 billion yuan.

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SOHO China profit jumps 33%

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