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Shui On Land posts strong earnings
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SHUI On Land Ltd, a developer renowned for its Tiandi-series projects in several Chinese cities, posted solid business growth for 2017 due to improved sales margin and positive contribution from asset divestments.
Total property sales, including recognized property sales, disposal of investment properties and equity in subsidiaries, as well as turnover of associates, rose 38 percent from 2016 to 30.3 billion yuan (US$4.78 billion) last year, the Shanghai-based company said in a filing to the Hong Kong stock exchange yesterday.
Profit attributable to shareholders jumped 53 percent year on year to 1.67 billion yuan..
"The commendable results are mainly due to strong contracted sales in the previous year, the contribution from a number of value-realizing transactions, resulting from our asset light strategy, our strong brand, high quality portfolio of commercial assets, and our solid foundation in the residential property sector," said Vincent Lo, chairman of Shui On Land.
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