China Overseas expects double-digit growth

China Overseas Land & Investment is sticking to its target of achieving double-digit growth in profits and property sales this year although it does not expect mainland price-cooling measures to be relaxed, chairman Kong Qingping said yesterday.

His remarks came a day after the State Council launched five measures to try to curb revived speculation in residential property. Analysts said the measures were moderate, as they mainly reiterated existing ones.

"The measures signalled that the government would not loosen its tightening policy this year," Kong said.

"As a result, the market performance this year will be more or less similar to last year's."

Developers will face opportunities and challenges in such market conditions, he said. As one of the biggest players in the industry, Kong sees more opportunities than challenges.

"We will try to use different strategies to achieve our target of double-digit growth in earnings and sales this year," he said.