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SOHO reports revenue, profit drop on weak home sales
By Cherry Cao |
March 14, 2012, Wednesday
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Online Edition
Online Edition
SOHO China Ltd, a major commercial property developer in China, today announced significant declines in turnover as well as core net profit in 2011 amid weak sales.
Turnover plunged 69 percent year-on-year to 5.685 billion yuan (US$898 million) while net profit excluding valuation gains in property investments dived 60 percent from 2010 to 1.422 billion yuan, the Beijing-based developer said in a statement to the Hong Kong stock exchange.
The drop in turnover and core net profit was mainly a result of lower new project completions and a decrease in area available for booking during the 12-months period, the company said.
"Though the commercial real estate sector was rather intact from the country's tightening measures to curb housing speculation, the company didn't have any new available-for-sale properties in the first half of the year," Pan Shiyi, chairman of SOHO China, said the statement. "Nevertheless, market liquidity began to shrink from September, which affected the company's sales."
Last year, SOHO China completed acquisitions worth more than 15 billion yuan, with all deals 鈥 consisting of both land and projects 鈥 being secured in Shanghai.
For 2012, the company has set an annual acquisition target of 10 billion yuan and an annual sales target of 23 billion yuan.
Turnover plunged 69 percent year-on-year to 5.685 billion yuan (US$898 million) while net profit excluding valuation gains in property investments dived 60 percent from 2010 to 1.422 billion yuan, the Beijing-based developer said in a statement to the Hong Kong stock exchange.
The drop in turnover and core net profit was mainly a result of lower new project completions and a decrease in area available for booking during the 12-months period, the company said.
"Though the commercial real estate sector was rather intact from the country's tightening measures to curb housing speculation, the company didn't have any new available-for-sale properties in the first half of the year," Pan Shiyi, chairman of SOHO China, said the statement. "Nevertheless, market liquidity began to shrink from September, which affected the company's sales."
Last year, SOHO China completed acquisitions worth more than 15 billion yuan, with all deals 鈥 consisting of both land and projects 鈥 being secured in Shanghai.
For 2012, the company has set an annual acquisition target of 10 billion yuan and an annual sales target of 23 billion yuan.
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