CR Land Announces 2018 Interim Results
On August 21, CR Land announced its interim results of 2018.
In the first half of 2018, CR Land achieved a total comprehensive turnover of RMB 43.78 billion. The profit attributable to shareholders and that excluding investment property evaluation appreciation were RMB 8.85 billion and RMB 7.28 billion respectively. The earnings per share was RMB 1.28, of which the profit attributable to core shareholders per share was RMB 1.05. By June 30, 2018, the net asset per share amounted to RMB 17.80, increasing by 3.0% compared with that at the end of 2017. The Board of Directors decided that the declared interim dividend was RMB 0.11 per share (equivalent to HKD 0.13 per share), increasing by 30.0% compared with that of 2017.
CR Land has been committed to providing customers with high-quality residences and services, and continuously focusing on improving the quality of products and services. Through accurate investment and operational strategies, the development property of CR Land achieved a turnover of RMB 36.49 billion during the reporting period, with a year-on-year increase of 42.5%. The settlement gross profit margin was 48.6%, with a year-on-year increase of 16.0%.
Through remarkable operation and management, the retail sales of shopping centers under CR Land totaled up to RMB 21.41 billion with a year-on-year increase of 30.1%, and the growth rate of retail sales maintained a leading level in the market. By June 30, 2018, the total construction area of investment properties in operation reached 7.17 million square meters, including 16 MIXc Cities and 12 Hi5 Cities/MIXc Complexes (excluding management output projects) open to the public, the scale of which was at the forefront of the industry. In the first half of 2018, Hangzhou Xiaoshan MIXc Complex successfully opened, resulting in an opening rate of 95%. In addition, seven shopping centers will be opened in succession in the second half of the year, thus to further expand the scale of investment properties.
CR Land entered Hohhot and Xuchang in the first half of 2018. As at Jun 30, 2018, CR Land has a land reserve of 52.15 million square meters covering 62 cities across the world, which can satisfy the development demands in the next three years. Thereinto, the land reserve areas of development property and investment property are 43.22 million and 8.93 million square meters respectively. The land reserve in first- and second-tier cities takes up to 75.6% of the total, and the land reserve structure is healthy, which matches the commercial model of CR Land.
By June 30, 2018, the total interest-bearing debt ratio of CR Land was 46.1%, increasing slightly from 42.3% at the end of 2017, and the net interest-bearing debt ratio was 47.2%, increasing greatly from 35.9% at the end 2017 but still remaining at a low level in the industry. During the reporting period, 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 2018, CR Land will focus on urban upgrading, consumption upgrading and industrial upgrading, insist on deepening the [2+X] business model, and promote innovative development in senior housing, leasing apartments, industrial funds, industrial towns, as well as culture and sports, thus continuously transforming into urban comprehensive investor, developer and operator.