Greenland Hong Kong Holdings' profit soars in 2017

Greenland Hong Kong Holdings Ltd, the only overseas-listed real estate platform of state-backed developer Greenland Group, posted a profit surge in 2017 mainly due to robust growth in sales.

Net profit achieved by the Hong Kong-listed developer jumped 73 percent from 2016 to 1.84 billion yuan (US$293 million) between January and December, the company said in a filing to the Hong Kong stock exchange.

Net profit attributable to owners of the company totaled 1.32 billion yuan during the same period, a year-on-year increase of 19 percent.

Contracted sales rose 65 percent to 30.11 billion yuan while sales area climbed 55 percent to 2.27 million square meters, the company said.

"Contracted sales will be no less than 40 billion yuan this year and we aim to further increase them to 100 billion yuan by 2021," Chen Jun, chairman and chief executive officer of Greenland Hong Kong, told a press conference in Hong Kong. "That means we shall achieve an average growth of around 30 to 40 percent every year."

The company will continue to focus on the Pan-Yangtze River Delta and the Pan-Pearl River Delta region while seeking opportunities actively to expand its footprint across the country.

With real estate business remaining its core growth engine, Greenland Hong Kong is also tapping other areas including healthcare to further boost its future growth, the company said.