Shui On Land’s first half profit rises 13 per cent
The company says it has achieved 66 per cent of the year’s sales target in the first seven months
Shui On Land, chaired by Vincent Lo Hong-shui, says it remains cautious on the company’s outlook, despite having already locked up more than half of this year’s 21 billion yuan (US$3.2 billion) sales target.
The company had achieved contracted sales of about 14 billion yuan , or 66 per cent of the full year target in the first seven months of this year, said Lo, after the company posted a 13 per cent rise in core earnings for the first half of 2017, compared with the year-earlier period.
Underlying profit, excluding revaluation gains on investment properties, rose 1.25 billion yuan in the six months to June, up from last year’s 1.1 billion yuan.
“We have no plan to cut selling price although the mainland real estate market is gripped by a slew of cooling measures,” Lo said at a post result briefing on Wednesday.
“We will try our best to achieve our sales target, such as by speeding up sales,” he said.
“These are unprecedented measures and include the imposition of controls in granting pre-sale permits, price controls, restrictions on home purchases and residential mortgages,” he said.