Steady Progress for Long-Term Success
(Hong Kong, 28 August 2023) China Overseas Land & Investment Ltd. (“COLI” or the “Group”, stock code: 0688.HK) announced its 2023 interim results today.
In the first half of 2023, the real estate market declined after a brief recovery. The Group responded proactively to the various challenges and implemented lean management. The core net profit attributable to shareholders of the Company amounted to RMB13.82 billion (excluding effects such as after-tax revaluation gain from investment properties and net foreign exchange gains and losses). Core net profit margin attributable to shareholders was 15.5%, continuing to maintain a leading position in the industry. The Board proposed an interim dividend of HK35 cents per share.
The Group proactively sought development and prevented risks in balanced pursuit of overall goals to make steady progress and achieve high-quality development.
Residential and commercial revenue increased against market headwinds with further growth in the market share. The Group Series of Companies achieved contracted property sales of RMB180.2 billion in the first half of 2023, an increase of 30% year-on-year. The market share of the Group Series of Companies increased 0.76 percentage points to 2.86%, equivalent to a growth of 36%, with gross sales and attributable sales ranking No. 3 and No.1 in the industry respectively, according to statistics from CRIC (克而瑞). The Group’s commercial revenue increased 11.3% year-on-year to RMB2.95 billion.
Industry-leading land investment amount with quality land bank in strategic locations. In the first half of 2023, the Group Series of Companies acquired 16 land parcels with a total land premium of RMB41.4 billion and corresponding newly added saleable resources of RMB71.7 billion. The land acquisition investment amount ranked top three in the industry.
The Group boasted financial stability and ample cash. The Group maintained the most stable financial position and ample cash. In the first half of the year, the Group achieved a positive operating cash flow of RMB33.7 billion. RMB58.24 billion of onshore and offshore debt due in 2023 and 2024 was repaid early or on schedule. As at 30 June 2023, the Group’s cash on hand was RMB114.2 billion, accounting for 12.4% of the total asset. The liability-to-asset ratio was 58.3% and net gearing attributable to shareholders was 37.7%, remaining as a “green category” enterprise.
Established for more than 40 years, the Group has weathered many economic cycles and fluctuations in the property market, and stood firm as an industry leader. The Group will continue to adhere to its core value of customer-oriented, quality assurance and value creation, and uphold its business philosophy of “Good Products, Good Services, Good Effectiveness, Good Citizen”. The Group will collaborate with its peers to facilitate the smooth transition of the real estate industry to a new development model and lead the industry with quality development in the next phase.
Group photo of China Overseas Land & Investment Ltd.’s management, (from left to right) Chief Financial Officer Mr. LUI Sai Kit, Eddie, Chief Executive Officer Mr. ZHANG Zhichao, Chairman Mr. YAN Jianguo, Vice Chairman Mr. LUO Liang and Vice President Mr. GUO Guanghui
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