Wharf (Holdings) still profitable despite cooling measures
August 29, 2011 Category Real estate, Weekly
Property conglomerate Wharf (Holdings) reported an 11% increase in core earnings to HKD3.28 billion, but expects home sales in China to slow down in the second half. Turnover was up 13% to HKD9.74 billion and net profit including revaluation gains was up 31% to HKD14.3 billion. For the year-to-date Wharf said it generated CNY8.7 billion in property sales, or 58% of its annual target of CNY15 billion for this year. Director Lawrence Lee said the company had spent CNY13 billion on land acquisitions in the first half, raising its total land bank to 12.4 million square meters. It bought two development sites in Hangzhou, one in Suzhou and one in Changsha, and also acquired 50% stakes in four residential projects in Foshan. The company said property sales in China rose by 271% to CNY6.3 billion in the first half. Housing completions in the period came to 160,000 sq m, and another 400,000 sq m would be completed in the second half. Wharf’s holding company, Wheelock and Co, said its underlying profit amounted to HKD3.82 billion, up 72% from a year earlier as turnover rose 10% to HKD13.75 billion.
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