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China Overseas Land Q3 oper profit doubles on CITIC assets buy
October 18, 2016 / 5:26 AM / a year ago

China Overseas Land Q3 oper profit doubles on CITIC assets buy

HONG KONG, Oct 18 (Reuters) - 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 property speculation.

Reporting by Clare Jim; Editing by Vyas Mohan

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