CHINA Overseas Holdings plans to diversify its business, which will result in a new mix of profit breakdown, with 70 per cent coming from property and the remaining 30 per cent from construction, industrial investment and trading.
The group is part of China State Construction Engineering Corp, China's largest state-owned construction conglomerate under the control of the State Council.
The company has acquired the construction arm of its parent company for $550 million, making it a fully integrated, listed property group based on two core business, property development and construction.
Last year, China Overseas secured 28 construction projects with an aggregate value of $5.5 billion and invested $1.86 billion in 10 property development projects.
Total turnover was $4.07 billion in 1993 and the group believes net profit after tax would be higher than the year before.
China Overseas said it had been actively replenishing its land bank and increasing property development floor area at strategic locations in the past year.
It currently owns interests in 35 development projects and holds more than seven million sq ft of premises in Hong Kong and China.