Evergrande net doubles on reforms

Source: Xinhua | 2019-03-27

China Evergrande Group, one of the country’s largest property developers, said yesterday its net profit more than doubled last year from a year earlier, mainly fueled by improvements in cost control and product quality as well as stronger brand recognition.

Net profit, excluding exchange gains or losses, surged 106.4 percent to 72.21 billion yuan (US$10.76 billion) in the year to December.

Profit attributable to shareholders jumped 53.4 percent year on year to 37.39 billion yuan, the Shenzhen-based company said in a filing to the Hong Kong stock exchange.

Revenue rose 49.9 percent to 466.2 billion yuan, mainly on its property business. Contracted sales increased 10.1 percent from a year earlier to 551.34 billion yuan and rose 4.2 percent to 52.435 million square meters, the company said.

Evergrande plans to further develop its tourism arm — mainly its Evergrande Fairyland and Evergrande Water World theme parks — and its health arm, which is responsible for developing Evergrande Elderly Care Valley.