Land business booming

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Property developer Agile Group Holdings saw a 64.3 per cent increase in its profit for the 2016 year, according to the group’s filing with the Hong Kong Stock Exchange. Total profit attributable to shareholders reached RMB2.28 billion, while revenue for the group amounted to RMP46.78 billion, an 8.5 per cent year-on-year increase.
The group notes that in the year ahead it will ‘will continue to expand the property management business in order to broaden the source of income’ as well as to ‘enhance its land bank by acquiring premium land parcels in prudent manner and at reasonable price.’
The cost of sales for the group during the year reached RMB34.3 billion, a 6.6 per cent increase year-on-year.
The company chairman notes that the group achieved ‘remarkable pre-sales’ amounting to over RMB10 billion and RMB8 billon in Zhongshan and Guangzhou, with average sales price increasing 41.3 per cent and 35.7 per cent, respectively.
During the year the group’s revenue from property investment saw a 95.5 per cent increase, while its hotel operations were ‘comparable with last year,’ noted chairman and president Cheng Zhou Lin.