The Group holds to its philosophy of Excellent Integrity, Eternal and Excellent Products (誠信卓越，精品永恒). This operational approach will not change as the scale of operations grows. The Group strives to improve the quality of its projects and to provide customers with a choice of differentiated and desirable products.
• Projects with GFA of 5.69 million sq m were completed
• Saleable area of these completed projects amounted to 4.74 million sq m. Net of 90,000 sq m of long-term investment properties, 77.8% or 3.62 million sq m were sold
• A total of 5.30 million sq m of property was sold, raising HK$67.11 billion, representing increases of 11.2% and 40.4% respectively over 2009
• Segment profit was HK$16.70 billion, an increase of 58.5% over last year
Despite of the launch of stricter tightening measures that inevitably affected the China property market, it still performed well overall in 2010 due to a combination of strong economic growth and strong rigid demand. Excellent results were recorded in 2010, partly due to the fact that China Overseas Property is a leading brand name in the mainland China property sector. China Overseas Property was acknowledged as number one among “China’s 20 Most Valued Property Brands” and its brand value increased to 15.59 billion yuan.
Property sales for the year were satisfactory at HK$67.11 billion, representing an increase of 40.4% over 2009. The total GFA sold was 5.30 million sq m, an increase of 11.2% over last year. Sales in China were HK$66.78 billion, accounting for 99.5% of the total sales and an increase of 42.2% over 2009. The total GFA sold in China amounted to 5.30 million sq m, an increase of 11.5% over last year. Sales in Macau and Hong Kong during the year were HK$332 million.
In2011, greater volatility is expected amid increased uncertainty. Following the implementation of the tightening measures, tougher competition will lead to faster market consolidation. 2011 could be a challenging year for most developers. As an operationally and financially sound developer with a strong brand name, the Group is at a relative advantage. The Group is confident of its performance in 2011. It is also expected that the property market in Hong Kong and Macau will remain good, especially in the luxury sector. The Group will look for opportunities to further expand its business in Hong Kong and Macau.