Monday, March 10, 2008

Soho China 2007 profit soars nearly fivefold

Soho China Ltd<410>, the biggest developer in Beijing's central business district, posted a strong net profit growth of 477% year-on-year to hit RMB 1.97 billion (US$277 million) in 2007 on surging property demand, according to its filing with the Hong Kong Stock Exchange.

Sales quadrupled to RMB 6.95 billion last year, said the statement. "In 2007, the real estate market in Beijing grew rapidly as demand for high-end properties in the heart of the city remained strong." said Chairman Pan Shiyi.

The company, which focuses on developing commercial properties, said in the statement that it is less affected by the government measures to curb price hikes as the measures are mainly targeting residential properties.

Soho China, which raised RMB 12.86 billion in its Hong Kong IPO last October, is seeking "patiently" another project as it has as much as RMB 15 billion cash in hand, said Pan.

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