Coastal adjusts portfolio to meet growing demand from mainland
Property developer Coastal Realty Group is adjusting its mainland portfolio to meet market demand.
'The demand for middle-class residential property is on the rise, and we aim to provide buyers with exactly what they want,' said chairman Chan Boon-Teong.
Financial controller Paul Cheng Wing-bor said mainlanders were increasingly buying property for their own use and not for speculative purposes.
As a result, they were paying more attention to quality and design, he said.
'We have become more professional in our designs so that we can give them value for money,' Mr Cheng said.
Coastal engages in residential and commercial property development in the mainland.
The company had an attributable loss of $228.79 million in the year to March 31, a turnaround from the previous year's profit of $170 million.
Turnover fell 13 per cent to $314.02 million.
Mr Chan attributed the loss to the depreciation in value of properties held by the company for sale and provisions for doubtful debts.
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