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SOHO China reports 29 pct net profit growth in 1st half

2014-08-21 16:42 Shanghai Daily Web Editor: Si Huan

SOHO China Ltd, a major commercial real estate developer in the country, reported on Thursday a double-digit increase in net profit in the first half of this year amid solid revenue growth.

Net earnings rose 29 percent year on year to 2.70 billion yuan (US$435 million) in the first six months of 2014 on an 83 percent jump in turnover to 4.75 billion yuan, said the Beijing-based developer, which declared an interim dividend of 0.12 yuan per share.

"Market demand for prime office buildings in Beijing and Shanghai remained robust during the first half of 2014, with core areas of the two cities, in particular Beijing, experiencing constant under-supply of prime-located offices," Hong Kong-listed SOHO China said in a statement. "The group will continue to monitor the market conditions closely to explore opportunities for acquiring attractive quality assets in the prime locations of Beijing and Shanghai in 2014."

The firm's core net profit, excluding gains on investment properties, soared 128 percent to 1.224 billion yuan.

As of June 30, SOHO China had 15.3 billion yuan in cash and bank deposits.

Income from property leasing jumped 84 percent from same period a year ago to 164 million yuan during the first half while property sales surged 83 percent to 4.586 billion yuan, the company said.

At the moment, SOHO China has obtained 17 projects and 10 projects in Beijing and Shanghai, respectively, either completed or under development, the company said.

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