Property firms record 6% growth in revenue
But while the total revenue is a 6% increase year-on-year, the picture is mixed with close to 40% of the companies
At least 82 A-share listed real estate companies In China saw a total revenue of 494.6 billion yuan (US$ 74.57 billion) this year, according to data provided by Wind, the state-owned Securities Daily said on Tuesday.
But while the total revenue is a 6% increase year-on-year, the picture is mixed – with close to 40% of the companies (32 companies) reporting that their net profits attributable to shareholders of the parent company sliding, the report said. Fourteen companies also reported losses this year, it added, although no reason for the losses were given.
The report also said on average the real estate companies made 560 million yuan this year, around 107 million yuan more than last year. The bump in revenue might be attributed to last year’s red-hot real estate market, according to analysts interviewed by Securities Daily.
Analysts also predicted that results in the later half of the year might slide, with effects from housing controls in first- and second-tier cities being reflected, the report said.