BEIJING, Sept. 1, 2011 /PRNewswire-Asia/ -- As the
representative enterprise of high-turnover development mode,
Evergrande (03333.HK) exhibits eye-catching data indicators,
especially core indicators of main business income, net profit,
core business profit, sales area and land reserve, which rank first
among Chinese real estate enterprises. An original report from Sina
Leju follows:
In the first half-year, Evergrande achieved business volume of
32.06 billion yuan, an increase of
57.4% on a year-on-year basis; net profit of 5.82 billion yuan, an increase of 132.8% on a
year-on-year basis, ranking first among all the Chinese listed real
estate enterprises; profit attributable to shareholders of
5.7 billion yuan, a large increase of
144.6% on a year-on-year basis; and core business profit of
4.81 billion yuan, an increase of
147.9% on a year-on-year basis.
According to market participants, Evergrande's rapid land
acquisition, development and sale is key in maintaining high-speed
growth. As of June 30, the new land
reserve of Evergrande this year is 48.97 million square meters,
with total land reserve up to 135 million square meters, ranking
first among Chinese real estate enterprises again, with an average
land cost of 617 yuan per square
meter. Evergrande has had 181 large-scale residential projects in
100 cities in China.
Evergrande's standardized operations require that all projects
be completed within half a year from land acquisition to the
opening. In the first half of 2011, Evergrande launched 33 new
projects to the market, with a total of 89 projects on sale. Also,
Evergrande achieved large increases in sales area and sales volume
in the first half-year. Sales area amounted to 6.117 million square
meters, an increase of 83.2% on a year-on-year basis; sales volume
amounted to 42.32 billion yuan, an
increase of 101.7% on a year-on-year basis.
Based on profitable semi-annual achievements and wide sale and
profitability prospects, Evergrande's stock price boosted 4.32% to
4.82 yuan the day after the sales
performance release, with the increase amount leading Chinese
mainland real estate stocks. Many international investment banks
increased the target price of Evergrande's stock. The target price
offered by Goldman Sachs is HKD 8.5;
Deutsche Bank is HKD 8.3; Bank of
America, Merrill Lynch and Citibank respectively are HKD 7.5.
SOURCE Sina Leju
