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| Tuesday, 16 August 2016, 18:31 HKT/SGT | |
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| With Double Revenue and Continuous Green Tech Innovation |
HONG KONG, Aug 16, 2016 - (ACN Newswire) - A leading real estate developer of green technological properties - Modern Land (China) Co., Ltd. ("Modern Land," the "Company," together with its subsidiaries the "Group," HKSE stock code: 1107.HK) -- is pleased to announce its interim results for the six months ended 30 June 2016.
During the Period, the Group's revenue from the sale of properties amounted to approximately RMB4,195.5 million, representing an increase of 121.3% as compared to the corresponding period in 2015. The Group delivered 716,050 sq.m. of property in terms of total gross floor area and 1,231 units of car park during the Period. For the six months ended 30 June 2016 the Group recorded a revenue of approximately RMB4,271 million, representing a significant year-on-year growth of 118.6% which is beneficial from the intensive completion and delivery schedule of various projects which led to the significant increase in GFA delivered. Compared to the first half year of 2015, profit for the period attributable to the owners of the Company registered an increase of 75.8% to approximately RMB500 million. Diluted earnings per share stood at RMB23.9 cents, representing a 48.4% year-on-year growth.
Since listed on the Main Board of the Hong Kong Stock Exchange, the Group attained continuous financial support from the market. The brand effect was cultivated by launched projects with optimistic market response, further enhancing its impact in those cities, to be recognised by customers quickly. From 2013 onward, the Group entered into its high speed growth period and its sale amount has been presenting a significant increase year by year which was once again certified by this interim results in 2016.
In the first half of 2016, in the environment of a slowed down growth to the economy, the government regulations stabilized, resulting in an upward trend to the real estate market. Thanks to its consistent high efficiency operating strategies, Modern Land experienced a stable and sustainable growth period. For the six months ended 30 June 2016, the Group achieved contracted sales of approximately RMB7,450.6 million, representing an increase of 70.6% as compared to the corresponding period in 2015. The average selling price was RMB11,131 per sq.m. for the first half of 2016 and rose 24.6% compared to the corresponding period in 2015. The Group, its joint ventures and associates pre-sold 658,689 sq.m. in total GFA and 1,352 units of car parks, representing an increase of 37.5% and 107.0%, respectively, over the corresponding period in 2015. The overall sales amounts showed a high growth rate in a sustainable development status with satisfactory turnover. It will be revealed in the form of expected increased revenue and profit in future financial reports.
As at 30 June 2016, total land bank in the PRC (excluding investment properties and properties held for own use) held by the Group, its joint ventures and associates was 4,785,246 sq.m. During the period, the acquisition of six land sites located in Beijing, Changsha, Suzhou and Nanjing has provided solid replenishments to the Group's land reserve, while giving the Group presence in Nanjing to complete its business layout in the golden circle formed by four cities in the Yangtze River Delta region. As for overseas expansion, Modern Land Seattle -- a subsidiary of the Group -- attained one project in Seattle. Modern Seattle Amazon Ivy MOMC Project and Houston Ivy MOMC Living Community will start construction in 2016-2017 in succession.
In addition, for the first half of 2016, the Group's average borrowing cost was approximately 8.4%, while its average borrowing cost for new land acquisition was 3.5 percentage points lower to approximately 7.6%, respectively. During the Period, the Company was granted a number of honours and accolades, including back-to-back titles of "Top 100 PRC Property Developers," 2nd place among listed property developers in terms of operational abilities, one of the top 5 listed property developers in terms of operating results, and 28th place among of listed property developers in terms of consolidated strengths. Without any doubt, Modern Land is enjoying sustained growth on the back of solid operations.
Looking forward the second half of 2016, Mr. Zhang Lei, Board Chairman of the Group, said: "In the second half of the year, the Group will continue its approach of Innovation of Green Technology, further developing and perfecting its green products, and insisting 'MOMA Living Homes 4+1' as the direction of its products. On the land market front, riding on past successes to consolidate our foundation in regions where we have already established our presence, we have a special focus on the market share of our products in the four major regions of Central China, East China, North China and South China. We will continue to insist on focused development in tier-one cities. The Company plans to acquire six to eight land sites in the second half of the year in one to two selected cities."
The President and Executive Director, Mr. Zhang Peng, said: "The Group has formed three platforms from chains of financial, real estate and operation, namely Green financial capital platform, Green real estate development platform and Green mobile Internet service platform. The horizontal value chain and mutual support generated between the three platforms solidifies the development base of the Group. As a green property operator, the Group builds a green and healthy real estate ecological industry chain on the basis of the R&D of green products. The Group is ready to face the crucial year of driving the structural reform of the national economy."
"We believe that green + comfort + energy saving + mobile interconnecting full-life-cycle communities will maximize our key competitiveness, achieve market breakthroughs and accomplish our strategic objectives for the full year of 2016 while bringing satisfactory investment returns to our shareholders." concluded Chairman Zhang Lei.
Topic: Press release summary
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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