Others News
- Property company aims to double size
Date: 29-Mar-2007 Sources: (Shenzhen Daily)
CHINA Merchants Property Development Co. Ltd. (CMPD), a subsidiary of China Merchants Group, aims to double its major financial figures in the next five years, Lin Shaobin, general manager of the Shenzhen-listed real estate company, said Tuesday.
One of Shenzhen's earliest and top property developers, the Shekou-based CMPD this year will initiate 31 real estate projects in 10 cities, covering a total area of more than 3.6 million square meters.
According to Lin, the projects will include housing, hotels, office and factory buildings, shopping malls, high-tech industrial parks in cities such as Shenzhen, Guangzhou, Foshan, Beijing, Tianjin, Shanghai, Nanjing, Suzhou, Zhangzhou and Chongqing. Its housing projects, mainly in Shenzhen, Shanghai, Suzhou and Nanjing, will focus on the development of group villas on urban outskirts.
The company is aiming for 'green property' development as its future business solution in the competitive real estate market.
Earlier this month, the company started creating a new industrial park on the site of the redundant (????) Sanyo factory buildings adjacent to the Sea World Plaza in Shekou. The project has been approved as one of the 35 energy-saving models in the country. Named Nanhai Yiku in Chinese, No.3 Building of the project will be completed this year.
CMPD's real estate business revenue was 2.939 billion yuan (US$380 million) last year, up 10.53 percent compared with that of the same period of 2005. Its net profit reached 568 million yuan, 0.92 yuan per share, an increase of 34.71 percent year on year.
Real estate is one of the three core industries of China Merchants Group., although it now accounts for only 11 percent of the group's total net profit.
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