August 22, 2017 / 8:23 AM / a year ago

Soho China says China has 'serious oversupply' in shopping malls, hotels

HONG KONG, Aug 22 (Reuters) - Soho China Ltd, a commercial property developer, said China has a serious oversupply in shopping malls and hotels with the time ripe to sell assets in the country.

Company Chairman Pan Shiyi spoke of the oversupply problems in China without giving any specific figures.

Sharon Tong, the company’s chief financial officer, said it was a good time to sell assets in China due to low rate of returns based on rental income and high values.

The company is in the process of selling two buildings and just completed selling a building in Shanghai in June.

Soho China reported earlier on Tuesday a 565 percent rise in net profit to 3.98 billion yuan ($597.91 million), due to higher valuation gains on investment properties. ($1 = 6.6565 Chinese yuan renminbi) (Reporting by Clare Jim; Editing by Himani Sarkar)

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