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Shui On Land posts 16% decline in profit
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SHUI On Land Ltd, a developer controlled by Hong Kong billionaire Vincent Lo and well known for its Xintiandi projects in Chinese cities, said its profit fell 16 percent to 1.78 billion yuan (US$286 million) last year, despite a mild rise in turnover.
The drop in profit was blamed on a distribution of 224 million yuan to the owners of convertible perpetual securities of China Xintiandi Holdings, the Shanghai-based firm said in a statement yesterday.
Turnover rose 4 percent to 10.25 billion yuan last year and was attributed to sales from one of its housing projects in Shanghai, the company said.
Property sales totaled 8.54 billion yuan in 2014 and rental and related income from investment properties amounted to 1.58 billion yuan during the 12-month period, the statement said.
“Shui On Land unavoidably felt some negative impact in 2014 when moderate economic growth, softened property market conditions together with restrictions on home purchases which were only lifted for most cities toward the end of the year have created a difficult operating environment for developers,” said Lo, the chairman.
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