Beijing Vantone Real Estate H1 profits up 161%
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Xinhua, August 21, 2011
Beijing Vantone Real Estate Co. posted a 161 percent increase in its first-half profits, boosted by soaring sales in Tianjin.
Net profits rose to 7.16 million yuan (1.12 million U.S. dollars), or 0.0059 yuan per share, from 2.75 million yuan, or 0.0023 yuan per share, one year earlier, the developer said in a statement filed to the Shanghai Stock Exchange.
Total assets hit 11.89 billion yuan at the end of June, up 0.16 percent from the end of last year.
The company's property sales in Beijing decreased 29.56 percent to 194.61 million yuan during the first half, as the city introduced tighter-than-ever rules to cool its runaway property market this year.
Beijing families who own two or more apartments and non-Beijing registered families who own one or more apartment are banned from buying more homes.
In January, the central government raised the minimum down-payment for second home purchases from 50 percent to 60 percent of the property's value. And Beijing allows banks to further raise the down-payment requirements for apartment buyers and raise interest rates on mortgages.
However, the company reaped sales of 528.5 million yuan in Tianjin Municipality, an increase of 109.3 percent year-on-year.
The company said it will develop new growth engines to improve its profitability in the increasingly tight property market.
