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SOHO China’s net profit, revenue slump
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SOHO China Ltd, a major office developer, said yesterday its net profit tumbled 45 percent year on year in 2014 following a 60-percent plunge in turnover.
Its net profit attributable to equity shareholders fell to 4.1 billion yuan (US$658 million) after turnover dropped to 6.1 billion yuan last year, the Beijing-based developer said in a filing to the Hong Kong stock exchange.
However, SOHO China’s rental income surged 52 percent annually to 424 million yuan, according to the filing.
“As the company sticks to its ‘build and hold’ model from the ‘build and sell’ model, we saw outstanding performance in the property leasing sector,” said Pan Shiyi, chairman of SOHO China. “As lettable space continues to grow with the completion and delivery of more investment properties, rental income is expected to rise rapidly.”
As of December 31, the total gross floor area of SOHO China’s completed investment properties reached 838,000 square meters.
By 2018, the developer is set to hold 1.8 million square meters of commercial properties — mainly comprising office buildings in prime locations in Beijing and Shanghai, the company said.
The developer attributed its significant growth in leasing business to three factors — its own online leasing platform, a strategic focus on domestic tenants who are a major driving force in the country’s office leasing market, and its commitment to sustainable growth.
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