China Resources stays optimistic despite uncertainties as net profit rises 2.2%

China Resources Land expects to see a stable business performance in the second half of this year after reporting a modest 2.2 per cent increase in net profit to HK$3.69 billion for the six months to June 30.

The Hong Kong-listed developer of mainland properties said consolidated turnover rose 2.9 per cent to HK$7.92 billion.

Chairman Wang Yin said the property market in the second half of this year was expected to continue to face uncertainties and consistent policy tightening.

However, he said, the company held a cautiously optimistic view on the overall property market in the second half of 2012.

"The group will closely monitor market situations and enhance its capability to predict the market changes and to respond to such changes," Wang said.

As of 12 August, the company had achieved total contracted value of 60.52 billion yuan subject to recognition in 2012 and years to come, including the contracted value of 30.98 billion yuan in property sales that was achieved in 2011 and before but not yet recognised.