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China Overseas Land's H1 profit hits HK$8.38 bln

Aug. 13, 2012 (China Knowledge) - China Overseas Land & Investment Ltd<0688>, a major real estate developer of China State Construction Engineering Corp Ltd<601668>, has announced that its net profit attributable to shareholders rose 17.7% YoY to HK$8.38 billion (RMB 6.87 billion) in the first half of this year.

The company's net profit was nearly double the RMB 3.73 billion net profit of China Vanke Co Ltd<000002><200002>, the country's largest listed residential property developer by market value.

China Overseas Land & Investment saw its operating revenue rise 10% YoY to HK$25.28 billion in H1.

In the first six months, the company's property sales grew 25% YoY to a record HK$65.15 billion.

Chairman Kong Qingping said that the company plans to raise its sales target for this year to HK$100 billion from the previous HK$80 billion. The developer realized HK$75.25 billion in property sales from January to July.

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