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Shui On Land eyes sustainable growth
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SHUI On Land Ltd, a developer best known for its Xintiandi projects in Chinese cities, said yesterday it will optimize its financial resources to grow business in a sustained manner in the Chinese market.
“We are adjusting our strategy to accelerate asset turnover and reduce debt and will continue to do so,” said Vincent Lo, chairman of the developer.
“The adjustment will allow us to enhance profitability and strengthen cash flow for a healthier and more sustainable development,” Lo said.
The Shanghai-based developer, which has been trying to “unlock the value of its mature and stablized or non-core assets,” plans to raise its asset turnover to 25 percent in three years from 9 percent last year, Lo said. But it is lower than the industry average of 27 percent achieved in 2014 on the Chinese mainland. The company, which reported a profit drop for 2014 on Wednesday, was recently in the news as it put one of its premium office developments in Shanghai for sale.
The phase one of Corporate Avenue located in the heart of Xintiandi is being sold for 7.5 billion yuan (US$1.2 billion), sparking speculation the firm may exit the mainland market.
“We remain confident and committed to China’s real estate market and we believe, through such moves, Shui On Land will be better positioned to catch development opportunities which often require huge capital amid soaring land prices,” Lo said.
“We will continue to leverage our expertise in development of city-center master-planned communities as well as knowledge communities though the scale of our future projects might be smaller.”
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