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Shui On profits as property sales rise
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SHUI On Land Ltd, a developer controlled by Hong Kong billionaire Vincent Lo and best known for its Xintiandi projects in some Chinese cities, said yesterday that profit rose 5 percent to 2.13 billion yuan (US$343 million) last year as more properties were sold.
Its revenue more than doubled from 2012 to 9.83 billion yuan as the developer sold more properties during the 12-month period, the Shanghai-headquartered company said in a statement yesterday. Property sales jumped 136 percent year on year to 8.361 billion yuan in 2013.
The developer also generated 4.43 billion yuan selling investment properties and disposing stakes in subsidiary holding investment properties in 2013.
Core earnings soared 438 percent to 1.18 billion yuan last year, partly fueled by profits from disposing commercial properties during the year, the statement said.
Shui On has set a full-year sales target of 13 billion yuan this year, with 8 billion yuan for general property sales and 5 billion yuan for commercial property sales, it said.
“Going forward, the company, under its fine-tuned business model, will focus on three categories of development, namely city-center master-planned communities, transportation hubs and knowledge communities,” said Lo, chairman of Shui On Land.
“On the other hand, China Xintiandi, a separately managed company working closely with our strategic partner Brookfield Property Partners, will focus on enhancement of commercial property assets.”
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