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China Overseas Land & Investment Ltd. Announces 2023 Annual Results Author:China Overseas Land and Investment Ltd.

Steady Progress for Long-Term Success

Continued to increase market share   Industry-leading land investment amount

(Hong Kong, 28 March 2024) China Overseas Land & Investment Ltd. (“COLI” or the “Group”, stock code: 0688.HK) is pleased to announce its 2023 annual results today.

In 2023, the real estate market continued its downward trend after experiencing a brief recovery. The Group responded proactively to various difficulties and challenges. Sales and profits grew against the market trend, and the Group continued to create value for shareholders. The Group achieved a revenue of RMB202.52 billion, representing a year-on-year increase of 12.3%. Profit before tax reached RMB41.12 billion, with a 14.2% increase compared to the previous year. Profit attributable to owners of the Company was RMB25.61 billion, with a 10.1% yearly growth. The Board proposed a final dividend of HK45 cents per share. Together with the interim dividend of HK35 cents per share, the total dividends for the year were HK80 cents per share, continuously creating stable returns for shareholders.

Residential and commercial revenue increased against market headwinds whilst the cash collection rate remained high and continuously increased. The Group Series of Companies achieved a year-on-year increase of 5.1% in contracted sales, reaching RMB309.81 billion, with a market share increment of 0.29 percentage points to 2.66%. The Group’s attributable sales amount ranked No.2 in the real estate market, according to statistics from CRIC. The Group’s revenue from commercial properties was RMB6.36 billion, with an annual increment of 20.9%.

Industry-leading in new land investment amount and quality, the Group upholds a strong momentum for continuous development. According to statistics from the China Index Academy, the Group Series of Companies ranked industry’s top 1 in the new saleable resources. The total land premium of the Group was RMB134.21 billion and the attributable land premium reached RMB122.66 billion, an upsurge of 42.0% compared to last year. Among them, first-tier cities accounted for 60% of the saleable resources.

The group demonstrated a stringent cost control capability. With competitive cost advantages, the Group’s ratio of selling, distribution and administrative expenses to revenue was 3.4% and the weighted average borrowing costs was 3.55%, among the lowest in the industry. The supply chain procurement costs decreased by 13% year-on-year.

The Group has ample cash on hand and financially stable. The operating net cash inflow of the Group achieved RMB35.28 billion. The Group also made an early repayment of a club loan of HK$30 billion, decreasing RMB12.72 billion in interest-bearing debt. As at 31 December 2023, the Group’s liability-to-asset ratio stood at 57.5%, and the debt to equity ratio was 38.7%, representing 4.2 percentage points year-on-year decrease. The Group maintained its status as a “green category” enterprise. The Group had ample cash of RMB105.63 billion, accounting for 11.4% of total assets.

2024 marks the 45th anniversary of the Group’s establishment. The Group has weathered multiple 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 Executive Officer Mr. ZHANG Zhichao, Chairman Mr. YAN Jianguo, Vice Chairman Mr. LUO Liang and Vice President Mr. GUO Guanghui.

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