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HK-listed China developer's profit up 23% at HK$23b

Published Thu, Mar 13, 2014 · 10:00 PM
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[SHANGHAI] China Overseas Land & Investment, the country's biggest developer by market value listed in Hong Kong, said that 2013 profit climbed 23 per cent on gains from property revaluations and sales.

Net income rose to HK$23 billion (S$3.7 billion), or HK$2.81 a share, from HK$18.7 billion or $HK2.29 a share a year earlier, the company said in a Hong Kong stock exchange filing yesterday. That compares with the HK$22 billion average estimate from 11 analysts surveyed by Bloomberg News. Sales rose 28 per cent to HK$82.47 billion.

The state-owned developer benefited from its focus on so- called first-tier cities, which include Beijing and Shanghai, as home prices rose more than 15 per cent in December in those two cities from a year ago, according to the National Bureau of Statistics data. China Premier Li Keqiang last year held off from imposing nationwide property curbs, while at least 10 Chinese cities announced local measures.

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