Cooling real estate market takes toll on profits of listed property developers
Updated: 2014-05-06 07:17
By Yang Ziman in Shanghai (China Daily)
|
|||||||||||
A pedestrian walks past a construction site of a residential apartment project developed by China Vanke Co Ltd in Tianjin. The company posted 1.53 billion yuan in net profits in the first quarter, registering the first year on year drop of 5.23 percent in 13 years. Provided to China Daily |
More than half of the listed real estate companies reported lackluster performances marked by shrinking year-on-year net profits in the first quarter, according to the Shanghai-based Wind Information Co Ltd.
The total net profits of the 142 companies, which stood at 11.74 billion yuan ($1.88 billion), were down by 5.36 percent from the same period last year. Seventy-four of them reported shrinking net profits.
|
|
"Most of the sales settlements took place in the latter half of the year, particularly in the fourth quarter," said Tan.
China Merchants Property Development Co Ltd achieved net profits of 755 million yuan, 6.82 percent less than the first quarter in the previous year.
Gemdale Corp's first-quarter net profits plunged by 73.65 percent year-on-year to 49.34 million yuan.
China Poly Group Corp was the only one among the top four real estate companies to record bigger profits, an increase of 10.8 percent from the same period last year, of 820 million yuan. But it signed contracts worth only 10.37 billion yuan in the first quarter, down 13.83 percent year-on-year.
Commercial residential building area sold stood at 200 million square meters in the first quarter, representing a 3.8 percent year-on-year drop. The sales volume totaled 1.3 trillion yuan, down 5.2 percent year-on-year.
Related Stories
Property price surge 'could soon be over' 2014-04-18 23:39
Property price growth slows further in March 2014-04-18 14:54
As residential home market cools, investment keeps on growing 2014-04-17 07:20
Cooling property sector in focus as economy slows 2014-04-16 15:30
Chinese land price growth slows 2014-04-15 15:52
China's property market grows up 2014-04-12 16:00
Today's Top News
Ukraine moves special forces to Odessa
Slovenian PM resigns
Disclosure of military secrets becoming bigger risk
China, AU to deepen co-op
UN hosts China Shanxi Food Festival
Chinese Parents: For some, it's 'Harvard, Harvard'
Japanese writer Junichi Watanabe dies at 80
Vietnamese veteran reminisces victory in the Battle of Dien Bien Phu
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Variety is the spice of academic life |
Documents prove the truth can't be buried |
Race to remember story of resistance |
Strait talking: From enemy to friend |
Welcome to the world’s largest garbage dump |
The latest word on books: Keep those pages coming |