Soho China, a Beijing-based commercial property developer, yesterday posted a first-half net loss of 145.78 million yuan (HK$166 million), the first Hong Kong-listed major mainland developer to record an interim net loss this year. The loss came after the company failed to complete any property projects in the six months to June. It reported a net profit of 63.03 million yuan in the previous corresponding period. Turnover dropped 75 per cent to 104.56 million yuan from 423.41 million yuan previously. Eric Wong Chun-yu, the co-head of Asia real estate research at UBS, said Soho China's performance might improve in the second half when several major projects would be completed. The company was aiming to complete Guanghualu Soho, Beijing Soho Residences, the newly acquired Chaoyangmen Soho and ZhongGuanCun Soho this year. Chaoyangmen Soho and ZhongGuanCun Soho have not yet been launched in the market. Zhang Xin, chief executive of Soho China, yesterday said the company had generated 6.6 billion yuan from contract sales so far this year. She expected contract sales to reach about 8 billion yuan this year, of which about 74 per cent would come from the sales of Sanlitun Soho, a retail, office and residential project. Sanlitun Soho's retail space was pre-sold in July. She said private housing transactions in Beijing last month dropped 36 per cent from July, and any improvement in the mainland property market hinged on government policy. No dividend was declared. Shares in Soho China dropped 4.59 per cent yesterday to HK$2.70. Meanwhile, Sinolink Worldwide Holdings said interim net profit fell 92.5 per cent to HK$74.6 million from HK$997.3 million a year ago. Turnover dropped 81.4 per cent to HK$354.6 million, reflecting a slowdown in property sales. The company said it would declare an interim dividend of 3 HK cents per share. Sinolink's shares fell 4.05 per cent to end at 71 HK cents. Rosy outlook Soho China expects contract sales this year to reach, in yuan: 8b yuan
