China Resources Beijing Land has reported a 36.68 per cent decline in net profit to HK$97.25 million for the year to December 31 due to the decrease in profit from buy-backs of the group's convertible bonds. Profit from this was HK$12.87 million for the year, down from HK$78.45 million for 1999. Turnover rose more than 235 per cent to HK$1.63 billion on the strong recovery of the Beijing property market last year. The group sold 8.98 million square metres of property in the city last year, up 75.8 per cent from 1999. A final dividend of two HK cents per share has been recommended, the same as 1999. As at December 31, group borrowing was at HK$2.09 billion, of which 21 per cent was in US dollar convertible bonds. It had cash and cash equivalents of HK$1.1 billion.
