CR Land Announces 2018 Annual Results
On March 26, CR Land announced its annual results as at December 31, 2018.
In 2018, CR Land achieved a total comprehensive turnover of RMB 121.19 billion. The profits attributable to core shareholders excluding and including investment property evaluation appreciation were RMB 19.3 billion and RMB 24.24 billion respectively, with earnings per share reaching RMB 3.50, of which profit attributable to core shareholders per share was RMB 2.78. By December 31, 2018, the net asset value per share amounted to RMB 19.96, increasing by 15.6% compared with that at the end of 2017. The Board of Directors decided that the declared final dividend was RMB 0.949 per share (equivalent to HKD 1.112 per share), increasing by 28.3% from the end of 2017.
CR Land has been committed to promoting rapid turnover on the basis of high quality, and improving operational efficiency greatly on the premise of offering good products and services. The development property achieved a turnover of RMB 105.15 billion with a year-on-year increase of 17.5%, and the settlement gross profit margin was 42.9% with a year-on-year increase of 3.2%.
The scale of CR Land’s investment property in operation is at the forefront of the industry with a total construction area of 9.21 million square meters. In the aspect of shopping centers, there have been 23 MIXc Cities/MIXc Worlds and 12 MIXc Complexes/Hi5 Cities open to the public as well as 43 reserve projects. The number of management output shopping center projects is 25, including 17 in operation and 8 in the reserve. In 2018, MIXc projects in Hangzhou (Xiaoshan), Taiyuan, Chongqing (Danzishi), Nantong, Liuzhou, Shijiazhuang, Xiamen, and Shenzhen Bay successfully opened, bringing the store opening rate of CR Land to top level in the industry. Besides, CR Land has newly acquired high-quality commercial projects in cities such as Shenzhen, Tianjin, Hangzhou, Nanjing, Nanchang, Huizhou and Dongguan.
CR Land possesses a land reserve of 59.57 million square meters covering 70 cities around the world, which can satisfy the development demands in the next three years. Among others, the land reserve areas of development property and investment property are 50.14 million and 9.43 million square meters respectively. The land reserve in first- and second-tier cities as well as industrial-supported third-tier cities takes up 83.0% of the total, and the land reserve structure is healthy, which matches the commercial model of CR Land well.
As at December 31, 2018, the total interest-bearing debt ratio of CR Land was 42.3%, flat with that of 2017, and the net interest-bearing debt ratio was 33.9%, decreasing slightly from 35.9% for 2017 and remaining low in the industry. Through this 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”.
In the future, CR Land will focus on urban upgrading, consumption upgrading and industrial upgrading, insist on deepening the [2+X] business model, and promote innovative and cooperative development in businesses including urban redevelopment, property management, senior housing, leasing apartments, industrial funds, industrial towns, culture and sports, and cinema, thus transforming into an urban comprehensive investor, developer and operator.