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Strategic shift boosts profit at SOHO China
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SOHO China Ltd, a major commercial real estate developer, said yesterday that net profit more than doubled in the first half of this year as its shift in business strategy paid off.
Its net earnings surged 242 percent year on year to 2.1 billion yuan (US$343 million) during the first six months of 2013 on a 103 percent jump in turnover to 2.5 billion yuan, the Beijing-based developer said.
“Outstanding rental income registered at projects of SOHO Century Plaza in Shanghai, and Qianmen Avenue and Galaxy SOHO in Beijing is evidence that our shift in strategy from the ‘build and sell’ model to ‘build and hold’ since August last year is correct and successful,” Hong Kong-listed SOHO China said in a statement.
The firm’s core net profit, excluding gains on investment properties, soared 130 percent to 537 million yuan.
“From a long-term perspective, we remain upbeat on China’s economy,” said Pan Shiyi, chairman of SOHO China. “With abundant cash in hand, SOHO China will be able to cope with either business opportunities or market fluctuations well.”
As of June 30, SOHO China has 15.2 billion yuan of cash, the company said.
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