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Scheme to double net profit from real estate
By Cao Qian |
September 29, 2011, Thursday
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Print Edition
Print Edition
SHUI On Construction and Materials Ltd, a subsidiary of Hong Kong's Shui On Group, plans to double its net income from real estate in four years as it transforms from a construction and building materials company into a niche property developer in the Chinese mainland.
Its annual profit from real estate may reach HK$1.8 billion (US$231 million) by 2014, compared to HK$900 million last year, said SOCAM, which officially unveiled its new name of SOCAM Development Ltd yesterday.
"The new name reflects the significant progress we have made over the past few years in our strategic transformation from a construction and building materials firm in Hong Kong into a niche property developer in the Chinese mainland market," said Philip Wong Kun To, chief executive officer of SOCAM.
He said one of the targets of the company's property business is special situation projects. The projects, which deliver attractive returns within a short time, now accounts for between 70 and 80 percent of the company's entire real estate business.
A latest acquisition of such a project was the 21st Century Tower in Little Lujiazui in Pudong New Area in December. SOCAM bought the 49-story, 92,000-square-meter building comprising office and residences from HPL-Hines Development Pte, which owned a 70 percent stake in the tower.
SOCAM owns 22 percent of Dalian Tiandi, an integrated business, research and lifestyle development in Liaoning Province, whose shareholders also include Shui On Land and Yida Group.
SOCAM, which has a presence in seven Chinese cities including Shanghai, Beijing, Guangzhou and Chengdu, is keen to acquire high-potential residential and office properties in first-tier cities.
Its annual profit from real estate may reach HK$1.8 billion (US$231 million) by 2014, compared to HK$900 million last year, said SOCAM, which officially unveiled its new name of SOCAM Development Ltd yesterday.
"The new name reflects the significant progress we have made over the past few years in our strategic transformation from a construction and building materials firm in Hong Kong into a niche property developer in the Chinese mainland market," said Philip Wong Kun To, chief executive officer of SOCAM.
He said one of the targets of the company's property business is special situation projects. The projects, which deliver attractive returns within a short time, now accounts for between 70 and 80 percent of the company's entire real estate business.
A latest acquisition of such a project was the 21st Century Tower in Little Lujiazui in Pudong New Area in December. SOCAM bought the 49-story, 92,000-square-meter building comprising office and residences from HPL-Hines Development Pte, which owned a 70 percent stake in the tower.
SOCAM owns 22 percent of Dalian Tiandi, an integrated business, research and lifestyle development in Liaoning Province, whose shareholders also include Shui On Land and Yida Group.
SOCAM, which has a presence in seven Chinese cities including Shanghai, Beijing, Guangzhou and Chengdu, is keen to acquire high-potential residential and office properties in first-tier cities.
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