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China property developers expecting best-ever profits

People & Companies / Latest News

Australia

Mar 22 2018

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Country Garden Holdings doubled its annual core profit, while many of China’s major property developers are expected to book their annual best-ever profits for 2017. 

Country Garden, which excludes non-recurring income and revaluation gains, grew to 24.7 billion yuan.

Net profit rose 126 percent to 26.1 billion yuan, while revenue was up 48 percent at 226.9 billion yuan.

While the group ranked below bigger rivals just two years ago, it has since become China's largest developer with 550 billion yuan in sales in 2017 – a 650 per cent growth since 2015. 

Country Garden paid a record $400 million for a 363-hectare land parcel in Melbourne's outer west last year. 

The developer said in statement it expected the government would promote the development of long-term property leasing.

In January and February, real estate investment in China grew at it strongest pace since 2015. 

Shares in Country Garden were trading down 0.7 percent after the results, compared with a 0.5 percent fall for the Hong Kong stock market.

 

Photo by Joel Filipe on Unsplash

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