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COLI announced its 2006 Interim Results Author:China Overseas Land and Investment Ltd.
21 August 2006  — China Overseas Land & Investment Limited (“Company”), the listed arm of China Overseas Holdings Ltd., announced its unaudited consolidated results of the Company and its subsidiaries for the six months ended 30 June 2006.  Turnover (including associates and JCE) increased by 45.9% to HK$4.5 billion). Profits attributable to shareholders increased over 48% to HK$852 million. Earnings per share increased by 47.8% to HK13.26 cents. The proposed interim dividend is HK4 cents per share.
During the period, sale of properties recorded sales proceeds of HK$7.2 billion, an increase of 140.3% over that of corresponding period last year, and sold area of over 797,600 sq.m. (an increase of 53.4%). Newly acquired property land reserve for development amounted to GFA 2.96 million sq.m.. The total land reserve is 12.55 million sq.m., which will provide premium land for continual development.
Mr. Kong Qingping, chairman and chief executive of the Company, stated that under the support from a group of quality professionals, together with an Excellent Quality (精品) brand recognition, abundant domestic and overseas financial resources, international corporate governance policies and sound market judgment, the Group is continuously strengthening its core competitiveness and has entered the stage of rapid growth.
Looking ahead, the Board is fully confident on the Group to become a sizable and strong nationwide real estate developer with certain international recognition. Focusing on its core business in property development, the Group will implement its business strategy of developing its network throughout the key cities in the PRC.  Through this business network spreading over 12 key cities of the mainland China, Hong Kong and Macau, the Group is able to implement its business expansion plan, and the ability to balance its market risks will be strengthened as well.  With strong brand and good marketing, the Group strives to further stimulate its sales and to use its best efforts to maintain a higher profitability.
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