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China Merchants Property' 2011 net profit up 29%

Mar. 20, 2012 (China Knowledge) - China Merchants Property Development Co Ltd<000024><200024>, a real estate subsidiary of Hong Kong-based China Merchants Group, yesterday reported a net profit of RMB 2.59 billion for last year, reflecting a growth of 29% year on year.

The company realized RMB 15.1 billion in operating revenue in 2011, 9.64% more than in the previous year.

China Merchants Property, with a focus on high-end properties, saw its contracted sales surge 44% year on year to RMB 21 billion and sales area rise 26% to 1.2 million square meters.

Despite the government's control on the real estate market, the company's average sales price rose to RMB 17,500 per sq m 2011 from RMB 15,367 per sq m in 2010, and gross profit margin at property development business increase by 14 percentage points to 56%, much higher than the 29% of China Vanke Co Ltd<000002><200002> and 40.35% of China Overseas Land & Investment Ltd<0688>.

In 2012, the company aims to sell 1.24 million sq m of properties and reap RMB 21 billion in contracted sales.

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