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SOHO sees triple-digit rise in earnings
By Cherry Cao |
March 7, 2013, Thursday
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Print Edition
Print Edition
SOHO China Ltd, a major commercial property developer in China, yesterday posted triple-digit growth in turnover and net profit in 2012 following a successful shift in strategy.
Its net profit surged 172 percent to 10.6 billion yuan (US$1.7 billion) on a 169 percent jump in turnover to 15.3 billion yuan, the Beijing-based developer said.
Core net profit, excluding valuation gains on investment properties, soared 135 percent to 3.34 billion yuan last year.
"The excellent performance achieved last year assured us that our earlier decision to shift our strategy from the 'build and sell' model to 'build and hold' is correct," said Pan Shiyi, chairman of SOHO China.
The firm cited the surge to a notable gain in the area available for booking in the 12 months ended in December.
Its net profit surged 172 percent to 10.6 billion yuan (US$1.7 billion) on a 169 percent jump in turnover to 15.3 billion yuan, the Beijing-based developer said.
Core net profit, excluding valuation gains on investment properties, soared 135 percent to 3.34 billion yuan last year.
"The excellent performance achieved last year assured us that our earlier decision to shift our strategy from the 'build and sell' model to 'build and hold' is correct," said Pan Shiyi, chairman of SOHO China.
The firm cited the surge to a notable gain in the area available for booking in the 12 months ended in December.
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