HONG KONG Oct 18 State-owned property developer
China Overseas Land & Investment Ltd said on Tuesday
its operating profit in the third quarter jumped 110 percent
from a year ago, benefitting from the acquisition of the
residential property business of conglomerate CITIC Ltd
Operating profit for the July-Sept period stood at HK$8.3
billion while consolidated revenue was at HK$24.3 billion, up
67.7 percent, China Overseas Land said in a statement.
The company completed the $4.8 billion purchase of the
residential projects from CITIC in September.
In the first three quarters, the company's operating profit
and consolidated revenue rose 29 percent and 34.3 percent,
respectively, to HK$35.2 billion and HK$106.6 billion.
Shares of China Overseas Land gained 3.4 percent after the
results. Hang Seng Index was up 1 percent.
The company said it expects China's property market to
continue to perform well after a general improvement in
transaction volume and home prices in the third quarter, even as
local governments were taking tightening measures aimed at
cooling cities those were "exceptionally hot".
Over 20 cities have imposed administrative restrictions on
home purchases during late September to early October to curb
(Reporting by Clare Jim; Editing by Vyas Mohan)