Now we know the source of Wang Shi’s grin.
The earnings season continues to provide plenty of news on China’s listed developers as we find out how much Wang Shi made last year while he was off studying in the US, see profits drop for one of Hong Kong’s biggest developers, and nice returns for Beijing developer Oceanwide. Here’s the news:
Vanke Chairman Makes US$2.55M in 2013 to Be China’s Best Paid Employee
Vanke Group Chairman Wang Shi continued to be the highest-paid executive among A-share listed companies in China for the second year after he made RMB15.9 million (US$2.55 million) in 2013. In 2012, Wang made RMB15.6 million (US$2.51 million). China Vanke is the country’s largest developer by sales and reported income of RMB135.4 billion (US$21.8 billion) last year, up 31.3% from 2012. Read More>>
Wharf Reports 38 Percent Profit Drop for 2013
Real estate conglomerate Wharf (Holdings) Ltd. (0004.HK) reported a 38 percent decline in its net profit in 2013 due to lower revaluation gains from investment property revaluation gain and the absence of a one-time accounting gain it had enjoyed after acquiring a Chinese developer in 2012.
The blue-chip property developer said net profit for the 12 months ended Dec. 31 fell to 29.38 billion Hong Kong dollars (US$3.79 billion), down from HK$47.26 billion in 2012. Wharf said its 2012 bottom line was partly boosted by a one-off accounting gain from acquiring Chinese developer Greentown China Holdings Ltd. (3900.HK). Read More>>
Oceanwide Real Estate 2013 Net Profit Up 51 Percent
Beijing-based developer Oceanwide Real Estate Group Co Ltd last week announced that its 2013 net profit was up by 51 percent compared to 2012 to RMB 1.18 billion yuan ($190.03 million). In February the Shenzhen-listed real estate company had stated that it would use two Hong Kong-based subsidiaries to raise US$720 million to invest in the Fig Central project in Los Angeles that it had agreed to acquire in December. Read More>>
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