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Shui On earnings surge on property divestment
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SHUI On Land Ltd, a developer controlled by Hong Kong billionaire Vincent Lo and best known for its Tiandi series projects in several Chinese cities, yesterday reported a surge in core earnings last year despite drops in turnover and profit.
The Shanghai-headquartered company’s core earnings rose 438 percent from 2014 to 2.42 billion yuan (US$371 million) in 2015, mainly due to substantial contribution from the divestment of Corporate Avenue 1 & 2, two premium office buildings in Shanghai’s downtown Xintiandi area.
Turnover fell to 6.47 billion yuan during the 12-month period, compared with 10.25 billion yuan in 2014. The drop was due to lower residential sales in Shanghai.
The company also raked in 7.9 billion yuan from the divestment of Corporate Avenue 1 & 2, disposal of hotel properties in The Hub and others.
Rental and related income, excluding hotel income, rose 20 percent from a year earlier to 1.54 billion yuan this year.
Profit for shareholders fell from 1.78 billion yuan in 2014 to 788 million yuan because of the depreciation of yuan against the US dollar in 2015.
Contracted property sales, including residential and commercial properties, jumped 121 percent to 21.5 billion yuan last year, the developer said.
For this year, the company said it has set a target to achieve 24 billion yuan of contracted sales and will continue to seek opportunities to divest mature commercial properties to maximize asset values and returns to shareholders.
Chairman Lo also said the company has decided not to pursue an initial public offering for China Xintiandi, its wholly owned subsidiary, in the near term.
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