* China Overseas Land Q3 operating profit rises 6 pct from a
* China Overseas expects no relaxation in tightening
policies until mid-2013
* China Overseas' shares down 1.3 pct before results
(Adds comments from analyst)
By Yimou Lee
HONG KONG, Oct 24 China Overseas Land &
Investment Ltd, the country's largest property
developer by market value, posted the smallest quarterly growth
this year and forecast the worst is yet to come for the real
Premier Wen Jiabao said last week that the government, which
has been trying to cool property prices for the past two years,
will keep restrictions on the real estate market.
China Overseas Land said on Wednesday it does not expect an
obvious relaxation in the government's tightening policies until
the middle of next year.
The company, which focuses on mid- to high-end property,
posted a 6 percent rise in operating profit in July-September to
HK$6.15 billion ($793.5 million), helped by sales in Hong Kong
Analysts contacted by Reuters said they did not forecast
third-quarter or nine-month results.
"The company would not do as well in the first half of next
year," said Credit Suisse analyst Jinsong Du, expecting sales
growth to slow in the coming quarters.
Operating profit grew 10.6 percent in the first quarter and
12.4 percent in the second.
Home prices in China were broadly flat in August-September,
halting two months of upticks in a sign that government efforts
to cool red-hot property prices are working.
Prices gained just 0.01 percent in September compared with
August, following monthly gains of 0.1 percent in both August
China Overseas Land's operating profit for the first nine
months was HK$18.4 billion, up 9.9 percent from a year earlier.
Its shares, valued at around $21.3 billion, closed the
morning session down 1.3 percent ahead of the results, lagging
the 0.3 percent rise in the benchmark Hang Seng index.
($1 = 7.7500 Hong Kong dollars)
(Editing by Ryan Woo)