U.S. Earns 193 Million Market Shares
Last year, the property market in Hong Kong was hot and the agency industry benefited. Midland Group (01200) announced that its net profit for the year ended last year was 193 million yuan, a record high for 5 years after 2012, which was a year-on-year increase of more than 17 times compared to approximately 10.55 million yuan for 2016, with a final dividend of 5 cents per share. Group Chairman Huang Jianye said that property prices in Hong Kong rose by about 4.6% in the first quarter. It is expected that the “rigid bubble” will support the property market in Hong Kong and it is expected that property prices will increase by 10% in the year. Last year, the turnover of the Midland Group was approximately 5.294 billion yuan, hitting a new high after listing, which was approximately 4.3% higher than the 5.076 billion yuan in 2016; net profit was also a five-year high. Huang Jingyi, vice chairman of Midea Group, analyzed that last year’s performance was stimulated by the active property transactions in Hong Kong. The increase in the Group’s market share in the residential market in Hong Kong, and the tightening of rent control during the period and the effective control of costs, also contributed to the results.
Central Plains Hong Kong Last Year Commissions Surpass 5 Billion New Highs
On the other hand, Centaline Group announced that its commission income for the previous year was 18.8 billion yuan, down 6% year-on-year; its after-tax profit was 1.053 billion yuan, down 17% from 2016. Among which, Centaline Property Hong Kong performed better. Last year, the total commission income was over 5 billion yuan, of which the residential sector accounted for more than 3.8 billion yuan, and the commercial and industrial shop was more than 790 million yuan. The three data sets a record high for the group.