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China Brands

Evergrande (3333.HK) H1 net profit up 129.3pct o-y, eying high-tech

August 31, 2018


Abstract : Evergrande (3333.HK), a leading Chinese real estate developer, saw its net profit in the first half of the year stand at 53 billion yuan, a year-on-year increase of 129.3 percent.

恒大集团

BEIJING, Aug. 31 (Xinhua) -- Evergrande (3333.HK), a leading Chinese real estate developer, saw its net profit in the first half of the year stand at 53 billion yuan, a year-on-year increase of 129.3 percent.

According to a filing to the stock exchange, it achieved a turnover of 300.35 billion yuan in the first half of the year, representing a year-on-year increase of 59.8 percent, with its total assets and net assets being 1,769.9 billion yuan and 324.5 billion yuan, respectively.

At present, China's top ten real estate developers seized a market share of about 30 percent. To be specific, Country Garden Holdings Company, Evergrande and China Vanke have seen their combined market share exceed 15 percent, said Xia Haijun, CEO of Evergrande.

With further industry concentration, the market share of the top ten real estate developers in China is expected to exceed 40 percent in 2020. By then, share of the top three will be more than 20 percent, Xia predicted.

In the future, the big task for Evergrande is to rely on high-quality development of its real estate business to offer strong capital for its extension in the high-tech industry, according to Xia.

In April, Evergrande and the Chinese Academy of Sciences (CAS) inked a cooperation deal under which Evergrande plans to invest 100 billion yuan in the next ten years and the two sides will jointly explore development in key areas such as life sciences, aerospace, artificial intelligence and new energy.

By 2020, Evergrande will realize total assets of 3 trillion yuan and annual sales of 800 billion yuan, with annual profit and tax to exceed 150 billion yuan. It will become the world's top 100 enterprises with debt rate decreasing to a middle and low level in the industry, according to the "New Blueprint" announced by Xu Jiayin, board chairperson of the Hong-Kong-listed company, at the beginning of 2018. (Edited by Hu Pingchao. [email protected])

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Keyword: China-real-estate Evergrande-Group

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