As the Chinese government tightened its grip on the real estate sector in a bid to suppress soaring house price inflation, Greenland's net income in the six months to June was 4.66 billion yuan (US$704 million), up by 1.3 per cent from a year ago and below analysts' estimates. Revenue jumped 16.6 per cent to 126 billion yuan.
Excluding one-off gains, the company's underlying profit fell 18.7 per cent year on year to 4 billion yuan.
Greenland predicts the government's measures to cool the property sector will continue in the second half, but according to a report in the South China Morning Post, it believes serviced apartments and hotels may become bright spots as housing demand remains strong.
Greenland has also been accelerating its diversification into non-property businesses such as finance and commerce.
Greenland looks to serviced apartment “bright spot” as earnings flatten
Shanghai-based Greenland Holdings, China’s fourth-largest developer, has reported flat earnings for the first half of this year.
““It’s been excellent. It’s great to have you guys out here at last, and it’s great to connect with all of our industry colleagues in the region.”
Dean Schreiber, managing director, Oakwood Asia Pacific
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