Media centre

You are here:Home / Media / China Overseas Land and Investment Limited Announces 2016 1H Interim Results
China Overseas Land and Investment Limited Announces 2016 1H Interim Results Author:China Overseas Land and Investment Ltd.

(Hong Kong, 22 August 2016) China Overseas Land and Investment Limited (“COLI” or the “Company”, stock code: 00688.HK) announced today the unaudited interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2016.

In the first half of 2016, the Group’s revenue increased 20.5% to HK$78.15 billion. Operating profit increased 21.5% to HK$28.31 billion. Profit attributable to equity owners of the Company increased 20.6% to HK$19.69 billion. Basic earnings per share increased 5.3% to HK$2.00. The Board declared an interim dividend of HK35 cents per share,75% increase compared with the same period last year.

As of the end of June 2016, contracted sales of properties was HK$95.26 billion, and the corresponding sales area was 6.01 million square metres.  During the period, four land parcels were acquired by the Group in mainland China and Hong Kong, adding GFA of 2.28 million square metres to the land bank. As at the end of June, the total land bank of the Group was 36.45 million square metres.

As of 30 June, the shareholder’s equity of the Company reached HK$201.54 billion, the book value of net asset per share was HK$20.44, where annualised return to shareholders remains high at above 20%.

During the period, the Group continues to practice stringent collection of sales proceeds, with cash of HK$117.96 billion on hand at the end of the period, which is the first time in over 10 years to have achieved net cash position, with ample liquidity.

Mr. Hao Jian Min, Chairman and Chief Executive Officer of COLI said, “The satisfactory sales performance of the Group in the first half of the year confirms that the strategies of nationwide strategic development and developing high quality residential projects in the core areas of major mainland cities are correct. The Group will firmly push ahead with its branding strategy. The Group will strive to pursue the goals of rapid development, sales and cash collection in order to ensure overall satisfactory growth in both operation scale and profit, while maintaining satisfactory returns on shareholders’ funds. Taking into account market changes and the positive effects of the CITIC acquisition, the Group has decided to revise upward the 2016 contracted sales target to HK$ 210 billion.

Mr. Hao continued, “Going into the second half of the year, de-stocking is expected to remain a major theme in the real estate market, with two major trends of accelerated polarisation and consolidation, local governments tend to adjust policies according to specific cities, more mergers and acquisitions are expected. The Group remains

optimistic on the future of the property market and will continue to focus on first and second tier major cities and strategic development in Hong Kong and Macau, seizing opportunities in the real estate market amidst industry consolidation. Going forward, the Group will continue to innovate its operation model and product structure, raising professional competitiveness, maintaining its leading position in the industry, keep raising corporate governance standards, and continue to create great values for shareholders and clients.”


Mr. Hao Jian Min, Chairman & CEO (left 2) and management at

COLI’s 2016 Interim Results Announcement


Related news