Uncertainty looms over Soho China's earnings prospects following delays in its plan for the Tiananmen South (Qianmen) project - the ticket on which it went public in October last year.
The Beijing developer is still awaiting approval to inject assets from the chairman's privately held company into the listed vehicle. Meanwhile, a tender for the remaining sites in the project has been withdrawn.
Comprising 44 sites in a prime Beijing location, the Tiananmen South (Qianmen) project has been considered a main contributor to Soho China's profit growth.
At the company's post-results briefing yesterday, chairman Pan Shiyi said the injection of the 33 sites he held through a private company was pending approval.
'We have finished all the legal procedures. We believe the delay was due to the property market cooling measures,' he said.
Similarly, a plan to tender for the remaining 11 sites hit a stumbling block. The sites were put up for tender on January 29, only to be withdrawn two days later.
Mr Pan said the company had yet to receive an explanation from the government for the withdrawal.
