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Soho Turnover Plunges As Earnings Climb
By Cherry Cao |
August 26, 2011, Friday
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Print Edition
Print Edition
COMMERCIAL property developer Soho China yesterday announced its first-half net profit climbed 2 percent to 1.75 billion yuan (US$273 million) on the back of valuation gains in property investments.
Six-month turnover, however, plunged 69 percent to 2.646 billion yuan, due mainly to the lack of new project completions and a decrease in area reserved in advance of sale during the period.
Contract value as of Tuesday reached 8.324 billion yuan, with an average sale price of 58,905 yuan per square meter.
Pan Shiyi, chairman of Soho China, said: "A batch of rein-in policies aimed at curbing housing speculation, coupled with ever-tightening credit since the beginning of this year, has had a significant impact on the residential market over past months."
Six-month turnover, however, plunged 69 percent to 2.646 billion yuan, due mainly to the lack of new project completions and a decrease in area reserved in advance of sale during the period.
Contract value as of Tuesday reached 8.324 billion yuan, with an average sale price of 58,905 yuan per square meter.
Pan Shiyi, chairman of Soho China, said: "A batch of rein-in policies aimed at curbing housing speculation, coupled with ever-tightening credit since the beginning of this year, has had a significant impact on the residential market over past months."
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