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Evergrande sees huge jump in H1 earnings

Last Updated: Thursday, August 31, 2017 - 10:38

CHINA Evergrande Group, one of the country’s largest developers, said yesterday its net

profit more than tripled in the first half of this year amid a surge in revenue.

Net profit during the six months through June soared 224.4 percent from the same half last

year to 23.13 billion yuan (US$3.47 billion), the Guangzhou-headquartered company said in

filing to the Hong Kong stock exchange.

Revenue jumped 114.8 percent year on year to 187.98 billion yuan and profit attributed to

shareholders skyrocketed 832.2 percent to 18.83 billion yuan.

Contracted sales in the six months surged 72.2 percent from the same period a year earlier

to 244.09 billion yuan while the gross floor area rose 49.1 percent to 24.751 million square


The strong contracted sales were due to the company's large scale operations, huge number of

available projects for sale, strong ability to enhance the value-add features of its homes

as well as its flexible and practical sales strategy and marketing model, the company said.

The average selling price rose 15.5 percent from the same period a year earlier to 9,862

yuan per square meter between January and June.

In the first half of this year, Evergrande acquired 152 new pieces of land parcels, evenly

distributed among first, second and third-tier cities, with the average price by gross floor

area of 2,039 yuan per square meter.

By June 30, Evergrande had 719 projects in 223 cities across China in its development

pipeline, with gross floor area of 276 million square meters, it said.

-source from Shanghai Daily


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