Li Exhibition: The property market has fallen back to the
Lixin Development (00488) as of the end of July, net profit rose 1.1 times to 4.34 billion yuan, mainly due to the impact of property revaluation income, the final dividend of 10.8 sen. Lifeng (01125) decreased its net profit by 20% to 1.18 billion yuan due to the decrease in sales, and the final interest rate was 0.2 yuan.
Uncompleted sales revenue for most of the current fiscal year
Zhou Fu’an, vice chairman and executive director of Lizhan, said that the sales of its property buildings are in good condition, and most of the relevant income will be recorded in this fiscal year, which is expected to have a positive impact on the performance. He said that the Ma Tau Kok and Sham Shui Po projects have been sold out. The Tseung Kwan O project has also sold 80%. However, the 140 units of the Tsuen Wan project were weak in market conditions and the sales were not satisfactory. However, the company’s existing rental properties generated revenue and developed properties. It can be gradually sold in the next two years, and it is not worried.
Zhou Fuan also pointed out that there were few downturns in the property market, but he thought that “there would be awkwardness", so he did not think there was a cheap opportunity to buy land. However, the company will continue to invest in land and use a 25% return rate as an investment standard.
During the period, Lixin International (00191), the parent company of Lizhan, rose 76.2% to 2.57 billion yuan, with a final dividend of 7.4 cents. Feng Deli (00571) net profit fell 48.7% to 260 million yuan, no dividends.