China developer Greenland posts 25-pct growth in 2017 profit

Updated 2018-04-24 16:50:04 Xinhua

Greenland Holdings Corp. Ltd., a major property developer in China, said its net profit for 2017 rose 25.4 percent year on year to 9 billion yuan (1.4 billion U.S. dollars).

In its annual financial report filed to the Shanghai Stock Exchange Monday night, it also said its revenue grew 17.4 percent year on year to 290.2 billion yuan last year.

The gross profit margin of its main property development business grew by nearly 3 percentage points to 23.4 percent, it said.

Its infrastructure construction business has become a major driver of growth. It generated a revenue of 104.8 billion yuan, up 37 percent year on year.

Zhang Yuliang, chairman and president of Greenland Holdings, said the overall recovery growth it has achieved amid a complicated economic environment and fierce industry competition has laid a foundation for growth in the future.

Meanwhile, Greenland Holdings also released its first-quarter financial results.

In the three months ending in March, it saw its revenue up 27.2 percent year on year to 74.8 billion yuan.

Boosted by solid profit growth, its shares rose 2.55 percent to 7.24 yuan at 1:45 p.m. in Shanghai.

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