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Shimao profit up with more home sales

(China Daily)
Updated: 2008-04-22 09:05

Shimao Property Holdings Ltd, the Chinese developer controlled by billionaire Xu Rongmao, said 2007 profit rose 80 percent as it sold more apartments amid surging home prices in the world's most populous nation.

Net income rose to 4.1 billion yuan ($585.34 million), or 1.26 yuan a share, from 2.28 billion yuan, or 0.85 yuan, in 2006, the company said yesterday in a statement. Sales rose 34 percent to 9.28 billion yuan.

Chinese developers may face slowing growth after the government sought to curb home prices by reducing lending. Home sales volumes fell in most Chinese cities in the first quarter.

Shimao's stock in Hong Kong has dropped 29 percent this year, after jumping 95 percent in the first 10 months of 2007.

"We anticipate a period of consolidation for the domestic property market given tightened money supply," Chairman Xu said in yesterday's statement.

Shimao shares rose 1.04 percent to HK$13.54 ($1.74) in Hong Kong trading yesterday.

Guangzhou-based Country Garden Holdings Co has dropped 31 percent and Agile Property Holdings Ltd has fallen 39 percent in Hong Kong this year, compared with the 11 percent slide in the city's benchmark Hang Seng Index.

Shimao last week received a $300 million loan from BNP Paribas SA to fund expansion in China, after yields on its bonds and credit swaps rose to records last month.

Excluding earnings from property revaluations, Shimao's profit rose 61 percent from a year earlier to 2.9 billion yuan in 2007, the company said.

Property prices in 70 major Chinese cities rose 10.9 percent in February from a year earlier.

Shimao benefited from higher real estate values in the first half of 2007 as smaller builders were forced out of business by government austerity measures. The company aimed to triple projects in China by 2010, Chairman Xu said in January 2006.

"Certain small and medium-sized property companies may have difficulties in carrying on business," Xu said in the statement.

His company acquired 10 plots in 2007 and four sites this year, expanding its land reserves by 10.7 million sq m to 26.5 million sq m in 22 cities, according to the statement.

The company completed 836,804 sq m of property developments during the year and booked 9.3 billion yuan in revenue from real estate sales.

The company will pay a final dividend of 16 HK cents, compared with 20 HK cents a year earlier.