CR Land aims higher

Tuesday, March 24, 2015

China Resources Land (1109) says it has set aggressive sales targets even though the property sector will continue to focus on clearing inventory this year amid a supply glut.

The state-backed developer China's ninth-biggest is aiming for 78 billion yuan (HK$97.34 billion) in contract sales, 14 percent higher than last year's 70 billion yuan target, which it missed by 800 million yuan.

"Our sales target is not conservative," managing director and vice chairman Tang Yong said. "Supply is higher than standard level and the market is focusing on clearing inventory."

Despite the slump in the overall market, Shenzhen-based CR Land booked a 25 percent jump in core profit to HK$11.8 billion last year, helped by its focus on high-end projects in top-tier cities. Net profit was flat at HK$14.7 billion.

CR Land's shares rose 3.2 percent to HK$21 before the results were announced. REUTERS

See the article here:
CR Land aims higher