Vanke boss Yu Liang can smile about the developer’s record profits
It’s interim report season in Asia which means that some listed developers in Hong Kong and mainland China are cheerfully reporting on one of the more profitable periods in memory for the major players. Today, half-year results for China Vanke and Country Garden show gains of 25 percent or more, at the same time that two of the industry’s problem children reshuffle their directors after a few tough quarters. The details on who is breaking out the Champagne and who is circling the wagons await as you scroll down the screen.
China Vanke Reports Record Profits in First Half
China Vanke Co , the country’s No.3 property developer by sales, reported record first-half profit on Monday, buoyed by strong contract sales.
The company said core profit, which excludes revaluation gains and non-recurring items, rose 27.7 percent to 9.1 billion yuan ($1.32 billion). Net profit grew 24.9 percent from a year earlier to 9.1 billion yuan, while revenue 51.8 percent to 106.0 billion yuan. Read more>>
Country Garden Sees 80% Increase in Profit in 2018 1H
Chinese real estate developer Country Garden Holdings (2007) said today core net profit for the first half increased by 80.2 percent from the year before to 12.95 billion yuan.
Country Garden said it generated 336.02 billion yuan in cash from property sales and achieved positive net operating cash flow again, after group revenue increased by 69.7 percent to 131.8 billion yuan during the first six months of 2018. Read more>>
Singapore’s Hoi Hup Buys London Buildings for Over £80M
Hoi Hup has bought 322 High Holborn and 44 Southampton Buildings from a client of Aberdeen Standard Investments. It is understood the Singaporean property developer paid more than £80m to acquire the two buildings.
322 High Holborn is a multilet building comprising 70,308 sq ft of office, retail and residential accommodation arranged over basement, ground and eight upper floors. 44 Southampton Buildings, totalling 17,444 sq ft, is single let on a 15-year lease to Beaumont Business Centres. The office is arranged over lower ground, ground and six upper floors. Read more>>
HNA Units Lose $10B in Value After Trading Resumes
Six HNA Group Co units have lost about US$10 billion in market value since their shares resumed trading in the past few weeks, underscoring persisting concerns about the conglomerate, which is saddled with one of the biggest piles of debt in corporate China.
Total losses topped the milestone during early trading in Shanghai and Shenzhen on Tuesday, though they pared back declines to about US$9.8 billion as of the midday break. All the units have underperformed their benchmark indexes since the share suspensions, with Hainan HNA Infrastructure Investment Group Co dropping the most by plunging more than 45% in the past seven trading days. Read more>>
HNA Welcomes Son and Nephew of Chairman to Board of Directors
HNA Group Co. Chairman Chen Feng promoted two family members as key lieutenants this month, tightening his family’s control over the embattled Chinese conglomerate after the sudden death of a top executive.
His son has been promoted to deputy chief executive officer of the group and will be responsible for HNA’s international business, according to people familiar with the matter. Earlier this month, the 65-year-old chairman appointed his thirty-something nephew as chief investment officer of the group and executive chairman of an investment unit. Read more>>
GIC-DLF Joint Venture to Invest $179M in Central Delhi Project
DLF Ltd, India’s biggest listed realty company, said that it will invest rupees 1,250 crore ($179 million) in collaboration with Singaporean sovereign wealth fund GIC over the next 4 years for a housing project in Central Delhi, media reports suggested.
In 2015, GIC invested Rs2,000cr to buy a 50% stake in two of DLF’s housing projects at Moti Nagar in central Delhi. The two projects which are named ‘MidTown’, have a total developmental potential of about seven million sq.ft. Read more>>
Dalian Wanda Rejigs Board as Wang Confidants Depart
Dalian Wanda Group, a Chinese multinational conglomerate founded by Wang Jianlin, has recently made changes to its list of directors as Wang’s wife and a former army buddy leave the list of top decision-makers at the property firm.
The total number of senior executives listed by the company has grown from 10 to 12, with the names of Yin Hai and Lin Ning being dropped from the company’s leadership. Four new senior executives were added to the list, and after the adjustment, the number of Wanda board members increased from the original 7 to 9. Read more>>
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