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China Overseas 2013 net profit rises 23 pct, beats forecasts
March 13, 2014 / 6:16 AM / 4 years ago

China Overseas 2013 net profit rises 23 pct, beats forecasts

HONG KONG, March 13 (Reuters) - Chinese developer China Overseas Land & Investment Ltd said on Thursday its 2013 net profit rose 23 percent, beating expectations, but added this year would remain challenging due to economic uncertainty at home and abroad.

The company’s net profit during the period was HK$23.04 billion yuan, compared with a median forecast by 26 analysts polled by ThomsonReuters StarMine for a net profit of HK$20.3 billion.

In the July to December period, the company’s net profit rose 16 percent to HK$12.01 billion yuan, according to Reuters calculations based on the full-year figure.

“Liquidity in the financial markets will tend to be tight amid financial market reform and deleveraging,” chairman Hao Jian Min said in a statement.

China’s property market has shown signs of losing steam since late 2013 as local governments took further tightening measures and banks gradually tightened lending to the sector. (Reporting by Clare Jim; Editing by Anupama Dwivedi)

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