China Overseas Land Q3 operating profit doubles on Citic assets buy

Hong Kong

STATE-OWNED property developer China Overseas Land & Investment Ltd said on Tuesday its operating profit in the third quarter jumped 110 per cent from a year ago, benefitting from the acquisition of the residential property business of conglomerate Citic Ltd.

Operating profit for the July-Sept period stood at HK$8.3 billion (S$1.48 billion) while consolidated revenue was at HK$24.3 billion, up 67.7 per cent, China Overseas Land said in a statement. The company completed the US$4.8 billion purchase of the residential projects from Citic in September.