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SOHO China to slow expansion

2014-11-27 17:00 chinadaily.com.cn Web Editor: Qin Dexing

SOHO China, a Hong Kong-listed property developer specializing in commercial properties, will slow its pace of acquiring land parcels in 2015, the company's chairman Pan Shiyi said on Wednesday.

The slowdown, according to Pan, is to make sure that the company's net debt ratio will be under 50 percent, a comparatively safe level for the developer.

Meanwhile, the company's total income will come from rent next year, a sign that SOHO China has finished its restructuring to be a commercial developer that's holding on to its assets instead of selling them to cash in.

In the first six months of 2014, SOHO China earned 180 million yuan ($29.4 million) from rent, while its sales reached 480 million.

"Our rent will see a tremendous increase next year, as our major projects in Beijing and Shanghai will come into use," Pan said at the opening ceremony of the second phase of Guanghua SOHO.

Meanwhile, the company will also closely study ways to better integrate the real estate development and Internet marketing.

"We are going to announce a big deal on Feb 1," Pan said but declined to disclose more details about his new strategy.

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