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Sandy Li

China Resources Land reported a 40 per cent rise in net profits last year, driven by strong property sales and improved margins.
Net profit amounted to HK$6.02 billion  for the year to December thanks to an increase in turnover of 54.5 per cent  to HK$25.72 billion.  
The gross profit margin for the year edged up to 39.5 per cent  last year from 35.9 per cent in 2009. The directors proposed a final dividend of 21.5 HK cents  per share.
Chairman Wong Yin said the group hoped to further increase sales to offset the impact of the central government's measures to rein in rising property prices.
'This year, we will launch 47 projects for sale to generate higher sales turnover, compared with 25 developments in 2010,' he said. 
Wong said the group would also release more non-residential projects for sale. He said serviced apartments, retail space and car parking spaces were not affected by the anti-inflationary measures.
As of March 23, the developer had secured 5.05 billion yuan of sales this year, up 72.5 per cent over the same period in 2010. 
Wong did not disclose the actual sales target this year, but said CR Land was looking at selling 4 million square metres of residential properties.
Assuming last year's 11,000 yuan per square metre average selling price remained unchanged, CR Land could generate about 40 billion yuan if all 4 million sq metres of homes have been sold.
Wong said the group would spend as much as 18 billion yuan on land acquisition this year.
On the expenditure side, the company was also expecting to pay 13 billion yuan in land fees and 15 billion yuan for construction expenses this year. 
At present, the group said it has 8 billion yuan available in an arranged loan, and it might also consider issuing yuan-denominated bonds this year to raise about two to three billion yuan.
Shares of CR Land rose 1.37 per cent to HK$13.28.



Mainland developer sees 40pc rise in net profits to HK$6b