CR Land Announces 2017 Annual Results
On March 26, CR Land announced its annual results by December 31, 2017.
In 2017, CR Land maintained a steady development trend in development property and investment property. It achieved a total comprehensive turnover of HKD 118.59 billion. The profits attributable to core shareholders excluding and including investment property evaluation appreciation were HKD 19.16 billion and HKD 23.02 billion respectively, with earnings per share reaching HKD 3.32, of which profit attributable to core shareholders per share was HKD 2.75. By December 31, 2017, the net asset value per share amounted to HKD 20.64, increasing by 22.9% compared with that at the end of 2016. The annual gross profit margin of 2017 was 40.3%, significantly increasing from 33.7% for the same period in 2016. The Board of Directors decided that the declared final dividend was HKD 86.7 per share, increasing by 41.7% compared with that of 2016.
By the end of 2017, the total construction area of CR Land’s investment properties in operation totaled up to 6.888 million square meters, including 16 MIXc Cities and 11 Hi5 Cities/MIXc Complexes (excluding management output projects) open to the public, the scale of which was at the forefront in the industry. Within this year, there opened five new shopping centers, including Xi’an Xixian MIXc City, Shanghai MIXc City, Shenzhen MIXc World, Beijing Miyun MIXc Complex and Taizhou MIXc City, making the store opening rate of CR Land top in the market. In addition, CR Land acquired five new commercial projects in Nanjing, Changchun, Kunming, Yantai and Nanchang, with newly-added commercial area (planned GFA) of 710,000 square meters, which are planned to be completed in 2021 successively. In 2017, the investment property of CR Land achieved a turnover of HKD 8.78 billion, with a year-on-year increase of 21.1%. Thereinto, the turnovers of shopping centers, office buildings and hotel business were HKD 6.14 billion, 1.26 billion and 1.38 billion respectively, with corresponding year-on-year increase rates of 20.1%, 9.5% and 40.1%.
By December 31, 2017, the development property turnover that CR Land has locked and signed to be settled was RMB 126.09 billion, of which 78.67 billion will be settled in 2018, laying a solid foundation for the performance of CR Land in 2018.
In 2017, CR Land focused on urban upgrading, consumption upgrading, industrial upgrading and technology upgrading, and promoted the innovative development of businesses in regional comprehensive development and operation, senior housing, leasing apartments, industrial towns, culture and sports, etc. CR Land has adhered to stable financial policies. By December 31, 2017, the total interest-bearing debt ratio was 42.3%, increasing from 36.4% at the end of 2016, and the net interest-bearing debt ratio was 35.9%, significantly increasing from 23.8% for the end of 2016 but still maintaining at a low level in the industry. During the reporting year, S&P, Moody’s and Fitch maintained the credit ratings of CR Land at “BBB+/Stable Outlook”, “Baa1/Stable Outlook” and “BBB+/Stable Outlook”.