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SOHO China's H1 profit down 65%

Aug. 17, 2012 (China Knowledge) - SOHO China Ltd<0410>, a leading real estate developer in China, has announced that its net profit fell 65% YoY to RMB 613 million in the first half of this year.

The developer's turnover was RMB 1.22 billion in the first six months, down 54% YoY.

Chairman Pan Shiyi said the company plans to shift its strategy from the "build and sell" to "build and hold" model as it expects a promising increase in rent and capital value of prime office buildings in Beijing and Shanghai.

The Hong Kong-listed company plans to hold prime office and retail spaces with total area of 1.5 million square meters, comprising 1.12 million sq m in Shanghai and 380,000 sq m in Beijing.

The company expected rental income to become a major source of its profit in three years.

Pan added that the developer is expected to become the largest holder of prime commercial properties in Shanghai and Beijing after the business shift.

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