By Yongchang Chin
China Overseas Land & Investment's first-half net profit rose 1.2% to 20.78 billion yuan ($3.20 billion) on a 22% rise in revenue to CNY107.88 billion, led by stronger property sales.
China Overseas Land & Investment said Monday that its contracted property sales for the period was 21% higher, coming in at CNY207.21 billion. Its gross floor area grew 10% to 10.5 million square meters, it said.
The company declared an interim dividend of HK$0.45, unchanged from the year-ago period.
The company said its results were helped by the economic recovery in China, led by the higher uptake of Covid-19 vaccines. However, it noted possible headwinds from China's policy goal of cooling its property market.
The company said that it expects real-estate financing to tighten, and that growth in housing sales is likely to decelerate in the second half of the year. Full-year sales are likely to maintain steady growth, it said.
Write to Yongchang Chin at firstname.lastname@example.org
(END) Dow Jones Newswires