China Overseas Land & Investment

China Overseas Land H1 core profit rises 27pc

PUBLISHED : Monday, 05 August, 2013, 12:59pm
UPDATED : Monday, 05 August, 2013, 12:59pm

China Overseas Land & Investment, the country’s top property developer by market value, logged a 27 per cent rise in first-half profit due to strong sales in mid- and high-tier cities, where it priced its properties strategically to counter tightening measures.

The state-backed developer posted a core profit of HK$8.06 billion ($1.04 billion) in the January-to-June period, up from HK$6.36 billion a year earlier, it said in a filing on the Hong Kong stock exchange on Monday.

The result was better than the average forecast for a core profit of HK$7.67 billion in a Thomson Reuters poll of three analysts.

Shares of China Overseas Land rose 0.2 per cent ahead of the results on Monday morning, in line with the Hang Seng Index’s 0.2 per cent gain.