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Shui On Land’s H1 profit soars 50%, turnover falls
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SHUI On Land Ltd, a developer controlled by Hong Kong billionaire Vincent Lo and best known for its Tiandi projects in some Chinese cities, said yesterday that its profit jumped 50 percent to 1.195 billion yuan (US$186 million) in the first half of this year despite a fall in turnover.
The Shanghai-based developer’s turnover fell 61 percent year on year to nearly 2.03 billion yuan between January and June due to fewer properties delivered during the six-month period.
Rental and related income from investment properties, excluding hotel income, climbed 20 percent to 736 million yuan in the first six months of this year.
Fair value in investments, contributed by Xintiandi and Xintiandi Style, Corporate Avenue 1, 2 & 3, and Shui On Plaza in Shanghai, rose by 2.797 billion yuan during the period, the company said. This was up from a gain of 1.262 billion yuan in the same period a year ago.
Contracted property sales, including residential and commercial properties, rose 16 percent to 3.263 billion yuan during the first six months of this year.
For the second half of 2015, the developer has about 546,000 square meters of residential properties spanning six projects for sale and pre-sale, with two of them — Rui Hong Xin Cheng and Taipingqiao Lakeville — in Shanghai.
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