Shui On profit rises 27 per cent on mainland China rebound
Shui On Land, chaired by Vincent Lo Hong-shui, said net profit was 1.05 billion yuan (HK$1.32 billion), up from 825 million yuan in the first half of last year.
Property developer Shui On Land yesterday announced a 27 per cent rise in net profit for the first half of the year and said it expected the outlook to improve in the mainland's residential and commercial markets.
The company, chaired by Vincent Lo Hong-shui, said net profit was 1.05 billion yuan (HK$1.32 billion), up from 825 million yuan in the first half of last year.
Core earnings stood at 387 million yuan, up from 15 million yuan in the first half of 2012.
Lo said the mainland's residential property market had staged a strong rebound despite the economic slowdown and market-cooling measures introduced by the government.
Turnover increased 121 per cent to 3.62 billion yuan from more properties being delivered while rental and related income rose by 25 per cent.
"The continuation of the present market momentum could lead to government market-cooling measures in the second half," Lo said. "However, this risk is mitigated by the slowing pace of economic growth.
