August 5, 2013 / 4:13 AM / 4 years ago

China Overseas Land H1 core profit rises 27 pct, beats forecasts

HONG KONG, Aug 5 (Reuters) - China Overseas Land & Investment Ltd, the country’s top property developer by market value, logged a 27 percent rise in first-half profit due to strong sales in mid- and high-tier cities, where it priced its properties strategically to counter tightening measures.

The state-backed developer posted a core profit of HK$8.06 billion ($1.04 billion) in the January-to-June period, up from HK$6.36 billion a year earlier, it said in a filing on the Hong Kong stock exchange on Monday.

The result was better than the average forecast for a core profit of HK$7.67 billion in a Thomson Reuters poll of three analysts.

Shares of China Overseas Land rose 0.2 percent ahead of the results on Monday morning, in line with the Hang Seng Index’s 0.2 percent gain. ($1 = 7.7568 Hong Kong dollars) (Reporting by Yimou Lee; Editing by Lee Chyen Yee)

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