Media
\nOutReach<\/a>\u00a0– 26 August 2021 –\u00a0Chinese property developer \u2500 Datang Group
\nHoldings Limited <\/b>(“Datang” or the “Company”;
\ntogether with its subsidiaries, the “Group”; HKEx stock code: 2117) has
\nannounced the unaudited interim results for the six months ended 30 June 2021
\n(the “Period”) today.<\/p>\n
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During the Period, the Group achieved encouraging results with a stable growth in revenue. Revenue increased by 85.2% year on year to RMB 3.307 billion; gross profit amounted to RMB 1.024 billion, representing an increase of 145.9% year on year. The increase in gross profit was mainly attributable to the increased number of projects delivered during the Period, which included several projects with higher gross profit. The projects have increased the gross profit margin to 31.0%, which is a 7.7 percentage points higher than the same period last year. Net profit amounted to RMB 217 million with a year-on-year growth rate of 141.2%. Profit attributable to owners of the Company increased significantly by 234.8% to approximately RMB 244 million. Basic earnings per share were RMB 0.18. The board of directors of the Company has resolved not to declare an interim dividend for the Period (2020: Nil).<\/p>\n
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In the first half of 2021, the
\nGroup followed the geographical layout of “2+1+X”, which focused on the Beibu
\nGulf Economic Zone, consolidated the existing layout in the urban
\nagglomerations of the Western Taiwan Strait Economic Zone, and established a
\nrelatively stable economies of scale. Meanwhile, the Group seized the
\nopportunity of relocating the headquarters to Shanghai, by expanding quickly in
\nthe Yangtze River Delta region, as well as successively entered core cities
\nwith economic vitality. The Group has strengthened strategic cooperation with
\nleading companies in the industry, all of which will lay a solid foundation for
\nthe Group to become a national comprehensive real estate corporation. During
\nthe Period, the Group’s contract sales amounted to approximately RMB25.51
\nbillion, and the contracted sales area was approximately 2.491 million sq.m..<\/p>\n
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The Group prudently adopted land acquisition
\nmethods such as public bidding, auction and listing, and by forming joint
\nventures, the Group obtained a total of 19 high-quality land parcels with a
\ntotal planned gross floor area (“GFA”) of 2.93 million square metres (“sq.m.”),
\nthe total land reserve maintained a steady growth. As of 30 June 2021, the
\ntotal GFA of the Group’s land reserve was approximately 22.00 million sq.m.,
\namong which the GFA of properties under development was approximately 20.99
\nmillion sq.m., the GFA of completed but undelivered properties was
\napproximately 0.85 million sq.m., and the rentable GFA for property investment
\nwas approximately 0.16 million, providing sufficient support for future
\ndevelopment.\u00a0<\/p>\n
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Besides property development
\nbusiness, the Group has businesses in investment and operation of commercial
\nproperties and hotel operation, thus diversifying the Group’s businesses. For
\nthe six months ended 30 June 2021, the Group achieved a rental income of
\napproximately RMB 56.1 million, representing an increase of 157.8% compared to
\nthe same period of 2020. The increase was mainly attributable to the
\nimprovement of the performance of the commercial operations. Also, the Group
\nachieved revenue from hotel operation of approximately RMB30.1 million,
\nrepresenting an increase of 158.4% compared to the same period of last year.
\nThe increase was mainly attributable to the improvement in business performance
\nof hotel.<\/p>\n
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While the performance has grown
\nsteadily in the first half of 2021, the Group’s capital structure has also been
\nsignificantly optimized. As of 30 June 2021, the net gearing ratio was 47.7%, and
\nthe cash to short-term debts ratio was 1.2 times, maintaining at a stable
\nlevel. The Group had sufficient cash of approximately RMB7.98 billion cash and
\nbank balances, reflecting that the Group has sufficient working capital and is
\nin a healthy financial position.<\/p>\n
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In view of the steady operating
\nand financial performance, the Group obtained long-term credit ratings from
\nvarious credit rating agencies for the first time. Moody’s has assigned the
\nGroup a “B2” credit rating with a stable outlook while Standard & Poor has
\nassigned the Group a credit rating of “B” with a stable outlook.<\/p>\n
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Looking ahead to the second half
\nof 2021,\u00a0Mr. Wu Di, the chairman of the Group<\/b>\u00a0concluded, “the
\nGroup expects that the land market will cool down under the implementation of
\nvarious policies. With the continuous strengthening of financial supervision in
\nthe real estate market, the amount of new loan facilities may be limited in the
\nsecond half of the year, and mortgage interest rates in some cities will rise.
\nThe tightening of the overall credit environment may affect the sentiment of
\nthe property purchases to a certain extent. The Group will continue to uphold
\nthe principle of seeking progress while maintaining stability, maintain
\nbottom-line thinking, and balance and predict development and risks. On one
\nhand, we will adhere to the strategy of deploying urban agglomerations and
\ncultivating metropolitan areas. We will remain cautious with a positive attitude,
\nand adhere to diversified land acquisition methods. On the other hand, we will
\ncontinue to focus on customers, continue to improve the quality of
\nservice\u00a0and customer satisfaction. We will continue to improve the level
\nof financial and cost management in accordance with the requirements of the
\ncapital market, while maintaining high transparency and good corporate
\ngovernance, and continuously improving the operating capabilities of the Group.
\nIn addition, the Group will continue to adopt the friendly platform strategy,
\nexplore opportunities to provide equity interests to attract strategic
\ninvestors, platform resources, and other ways, to promote the Company’s steady
\ndevelopment and strengthen its core competitiveness. Finally, the Group will
\nstrive to become a high-quality listed company with sustainable development
\ncapabilities through continuous improvement of overall performance, so as to
\nachieve a win-win situation for customers, employees, society, and
\nshareholders.<\/p>\n<\/p><\/div>\n\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Financial
Review
\u00a0
(RMB’000)
For
the six months ended 30 June
2021
2020
Change
(%)
Revenue
3,306,534
1,785,418
+85.2%
Gross Profit
…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[60],"tags":[],"_links":{"self":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/17191"}],"collection":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/comments?post=17191"}],"version-history":[{"count":0,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/17191\/revisions"}],"wp:attachment":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media?parent=17191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/categories?post=17191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/tags?post=17191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}