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SOHO profit jumps 10% on record sales
By Cao Qian |
March 3, 2011, Thursday
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Print Edition
Print Edition
COMMERCIAL property developer SOHO China Ltd announced yesterday its net profit rose 10 percent to 3.64 billion yuan (US$553.4 million) last year amid record property sales.
Turnover between January and December jumped 146 percent to 18.22 billion yuan, meeting its earlier target of 18 billion yuan, mainly due to growth in contract value, the Beijing-based developer said in a statement.
Contract value surged 74 percent year on year to 23.81 billion yuan.
Area booked during the 12-month period, excluding car parks, climbed 27 percent to 394,990 square meters while the average price of booked area jumped 38.3 percent to 59,824 yuan per square meter, it said.
"2010 was filled with changes and uncertainties as the central government launched a series of tightening measures to rein in housing speculation, but the commercial real estate market was largely unaffected," said Pan Shiyi, chairman of SOHO China. "The commercial sector is expected to attract more capital this year as it has less risk in terms of new policies."
SOHO China, which has more than 20 billion yuan in cash, will continue to acquire quality projects in Beijing and Shanghai this year, Pan said.
The Hong Kong-listed developer acquired three projects in Shanghai last year for a combined 5.022 billion yuan.
The company expanded into Shanghai in August 2009 when it purchased a 52-story office tower on Nanjing Road W. for 2.45 billion yuan.
Turnover between January and December jumped 146 percent to 18.22 billion yuan, meeting its earlier target of 18 billion yuan, mainly due to growth in contract value, the Beijing-based developer said in a statement.
Contract value surged 74 percent year on year to 23.81 billion yuan.
Area booked during the 12-month period, excluding car parks, climbed 27 percent to 394,990 square meters while the average price of booked area jumped 38.3 percent to 59,824 yuan per square meter, it said.
"2010 was filled with changes and uncertainties as the central government launched a series of tightening measures to rein in housing speculation, but the commercial real estate market was largely unaffected," said Pan Shiyi, chairman of SOHO China. "The commercial sector is expected to attract more capital this year as it has less risk in terms of new policies."
SOHO China, which has more than 20 billion yuan in cash, will continue to acquire quality projects in Beijing and Shanghai this year, Pan said.
The Hong Kong-listed developer acquired three projects in Shanghai last year for a combined 5.022 billion yuan.
The company expanded into Shanghai in August 2009 when it purchased a 52-story office tower on Nanjing Road W. for 2.45 billion yuan.
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