Companies

China Overseas Q3 operating profit nearly doubles

(Agencies)
Updated: 2010-10-20 16:47
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China Overseas Land & Investment Ltd, the country's top developer by market value, posted a near doubling of operating profit in its third quarter and appears on track to achieve its full-year sales target despite tightening policies, Reuters reported on Wednesday.

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China Overseas Land reported an operating profit of HK$3.4 billion ($436 million) in the July-September period, up 89 percent from HK$1.8 billion from a year earlier, according to company figures.

In the first nine months, China Overseas's operating profit rose 59 percent to HK$11.4 billion, it said in a statement on Wednesday. In the first nine months, the company's property sales totaled HK$46.1 billion and 3.6 million sq m, achieving 75 percent of its annual sales target of 4.8 million sq m.

"The property market in the Chinese mainland has become more rational under the influence of the macro policies," China Overseas said in a statement. "It is expected that enforcement of the tightening policies by the central and local government will be the main emphasis during the remaining part of the year."