,Hong Kong

Sansheng Holdings soars threefold to US$96.42m in H1

This is up from RMB159.2m (US$24.5m) in the first half of 2020.

Property firm, Sansheng Holdings (Group) Co. Ltd., reported its profit rose 293.1% to RMB625.9m, approximately US$96.42m, in the first half of the year.

The sharp increase from RMB159.2m (US$24.5m) was attributed to the significant increase in revenue from its property sales, as well as land bank expansion.

“We have proactively selected property development projects from cities with a robust economy and avoided projects from areas where stringent real estate policies, such as restrictions on purchases and prices are in effect,” Executive Director and Chairman Lin Rongbin said.

Revenue increased by 198.9% year-on-year to RMB5.13b (US$790m) over the same period. Of this, RMB4.96b was generated from the sales of its properties, mainly in Fuzhou, Nantong, and Qingdao.

The group, as of 30 June, has a total of 56 property projects that are held for sale, under development, or held or secured for future development.

The total site area of its land bank was approximately 3.60 million square metres (sq. m.) and the planned total gross floor area (GFA) was approximately 10.62 million sq. m. Of this, some 7.40 million sq. m. were attributable to the group based on its equity interests.

In the first half of 2021, the group acquired or secured to acquire an interest in a total of four new land parcels.

The total planned GFA of the new land acquisitions amounted to approximately 850,955 sq. m., of which 545,125 sq. m. were attributable to the group based on its equity interests.

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The Hong Kong-China stock connect and derivatives markets were also halted.
The market recorded a positive net absorption of 327,700 sq.ft in Q3 2021.
Secretary for Commerce and Economic Development Edward Yau laid out plans for the sector under the latest Policy Address.
The total corporate debt issuance tripled from last year.
This is due to its dependence on other industries, as well as global economic activities.
Jobs with a monthly salary ranging from $12,000 to $22,000 are up for grabs.
The reforms will target large multinational enterprise groups.
This represents about seven times the currency in circulation.
A total of 2,051,387 adults is projected to be virtual bank owners in five years.
The firm’s remaining stake is being bought at HK$1.91b.
Specifically, it welcomes the planned establishment of a high-end aviation industrial cluster.
But the number of homes to be built under the project are 'fewer than expected'.
Amongst the projects she laid out was the development of a 'smart port'.
Embattled Chinese developer owes the agencies millions in commissions.