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Update | China Resources Land annual core profit up 19.2 per cent, slightly short of forecasts

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Residential buildings for sale in Guangzhou. China's housing market continued to warm in February, with more than half of surveyed major cities reporting month-on-month rises in new home prices. Photo: Xinhua

State-backed developer China Resources Land said its 2015 core profit rose 19.2 per cent to HK$14.21 billion, owing to higher property sales.

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In a filing with the Hong Kong stock exchange on Monday, it said turnover saw a year on year 15.3 per cent increase to HK$103.39 billion.

The result was slightly below consensus expectations for a core profit of HK$16.7 billion among 27 analysts compiled by Thomson Reuters.

“The [mainland] property sector shall benefit from supportive policies including moderate monetary environment, the acceleration in new-round urbanisation, further Hukou reform, inventory clearance measures as well as the two-child policy,” China Resources Land vice chairman Tang Yong said in the company statement.

The company declared a final dividend of 48.7 HK cents, up 18.78 per cent from 41 HK cents a year earlier.

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China Resources Land, controlling a land bank of 41.26 million square metres in more than 50 cities, said its gross profit margin improved to 31.2 per cent last year, from 30.5 per cent in 2014. About 15 per cent of its land bank is located in first-tier cities.

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