Evergrande Total Asset Hits RMB 474.5b And Ranks First in 10 Domestic Core Indexes

2015-03-30 22:52 1887

HONG KONG, March 30, 2015 /PRNewswire/ -- According to the 2014 performance report released by Evergrande (HK.3333) in Hong Kong on March 30, the Group has enjoyed a year-on-year growth of 36.3% in its total asset that had increased to RMB 474.5 billion by the end of 2014, and ranked the first in business revenue, growth in net profit and other 8 core indexes in Chinese property developers. An original report from Sina Leju follows.

During the period the report covered, Evergrande topped the list of total asset among Hong Kong property developers with RMB 474.5 billion worth of total asset, the Group also ranked first among domestic property developers in several core indexes with business revenue of RMB 111.4 billion, net profit of RMB 18 billion, year-on-year growth of 31.4% in net profit, construction area in progress of 41,350,000 square meters, completed construction area of 20,630,000 square meters and project distribution in 147 cities throughout the country.

The consistent stable operation allowed the Group to increase its capital reserve to RMB 59.5 billion with a year-on-year growth of 10.8% by the end of 2014, the highest figure in China of the year as well as the highest one for the Group since its stock exchange listing. Additionally, by the end of 2014, the disposable capital of Evergrande hit RMB 110.5 billion, payment for land transfer made by the Group reached RMB 195.55 billion, leaving 10% of undue payment unpaid only, the lowest level of the Group over the past 3 years.     

During the six years from its stock exchange listing in 2009 to 2014, the Group's contracted sales increased to RMB 131.5 billion from RMB 30.3 billion with an annual increase of 66.8%, the net profit soared to RMB 18 billion from RMB 1.12 billion with an growth of 301.8% annually, the core net profit rose to RMB 12 billion from RMB 0.29 billion with an annual increase of 810.3% and the area of land reserve grew to 147,000,000 square meters from 55,000,000 square meters with a growth of 33.5% on an annual basis, according to the data released.  

Notable strategic cooperation has been reached in the first quarter of the year between Evergrande and several large financial institutions, such as BOC, ABC, PSBC, CMBC and CITIC Bank. The stable and sound development allows Evergrande to have its "buy" rating reaffirmed by analysts at Haitong International Holdings and other financial institutions in their recent reports.

Source: Sina Leju
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