(Hong Kong, 10 August 2017) China Overseas Grand Oceans Group Limited (the “Company”; Stock Code: 0081.HK) today announced its unaudited interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2017.
For the six months ended 30 June 2017, contracted property sales of the Group and its associates and joint ventures amounted to HK$18,473.0 million, for an aggregated area of 1,735,900 sq.m., representing an increase of 60.6% and 26.3% respectively against the same period last year. The Group’s operating profit amounted to HK$1,409.4 million, a rise of 1.1% comparing with the same period last year. Profit attributable to the owners of the Company amounted to HK$712.1 million, an increase of 13.0% against last corresponding period. Basic earnings per share was HK31.2 cents (the corresponding period in 2016: HK27.6 cents per share). The Board declared the payment of an interim dividend of HK1 cent per share.
In the first half of 2017, the Group entered into a new city named Xining, Qinghai province, and purchased a total of four parcels of land in Hefei, Yancheng and Xining with total development area of 1,197,295 sq.m. (attributable to the Group: 1,197,295 sq.m.). As at 30 June 2017, total land bank of the Group and its associates and joint ventures available to build gross floor area is approximately 17,839,500 sq.m. in 20 cities in China.
While firmly adhere to its prudent investment strategy, the Group is dedicated to enlarge its operating scale and speed up the pace of development in an orderly manner. The acquisition of property portfolio and operations from COLI in December 2016 marked a significant push of the Group in deepening its presence in some existing cities and expanding into new cities with high growth potential. The Group believes that it is of paramount importance to build up and maintain a high quality land bank at competitive prices in order to maximize shareholders’ returns in long term. For right property projects, the Group would also explore to develop jointly with reliable business partners to expand its businesses and broaden its earnings base. The Group would maintain a professional and prudent financial management of the financial resources and continue to enhance its financial management capability, closely monitoring the impacts from the external economic environment and national policy changes to the business operations.
Built on the standardized management systems, the Group would continue to enhance its operating processes, reinforce its internal controls and tighten cost controls in response to rapid changes in market and regulatory environment. In order to deal with the increasing expectations of the customers and market competition, the management strives to further perfect the customer services, broaden the range of property products, optimize the project development cycle and enhance the quality of the properties.
To cope with the ever-changing market environment, the Group is devoted to evolve new marketing methodologies and strategies, speed up sales programs and promote the sell-through rate of the inventory. The Group is determined to extend its competitive edge and secure its leading position in the market. The Group is committed to become a high-growth star property developer of the highest potential in the residential property market in China. Fully embraced the government’s urbanization and long-term housing policy, the Group will continue to focus on the emerging cities with best investment value and growth potentials, and stick to the position of offering middle to high-end product ranges.