Greenland's net profit soars eight times in H1

GREENLAND Hong Kong Holdings, the only overseas-listed real estate platform of state-backed developer Greenland Group, said its net profit soared 856 percent to 411 million yuan (US$62 million) in the first half of this year.

The developer attributed the robust gain in net profit to improved gross profit margin at its projects as well as solid growth in Internet financing and real estate fund business.

Net profit attributable to owners surged 125 percent year on year to 227 million yuan between January and June, the company said in a filing to the Hong Kong stock exchange.

“The overall performance of the group was beyond expectations, fueled by the continuous growth of the real estate market,” Chen Jun, chief executive officer of Greenland Hong Kong, told a press conference in Hong Kong.

Contracted sales jumped 77 percent to 16.25 billion yuan during the six-month period through June. By gross floor area, they surged 85 percent to nearly 1.28 million square meters, according to the company.

The bulk of Greenland’s contracted sales during the first six months was concentrated in the Yangtze River Delta.