Re:market correction... by MacGyver30th, Jul. 04:11 PM Market is bullish again.. Good trading period from now to early-m...
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Re:Rokko-An Explosiv... by MOSBY29th, Jul. 11:49 PM http://www.remisiers.org/research//dailyex2307.pdf
TP :$0.30...
CHINA VANKE: Following 09 results, real estate firm again tops globally
Written by Andrew Vanburen (China Correspondent)
Wednesday, 03 March 2010
China Vanke's properties range from luxury villas to budget apartments. Photo: China Vanke
CHINA VANKE Co (SZA: 000002), the country’s largest listed property developer, is once again the world’s top real estate firm.
The Shenzhen-based firm on Monday announced that its 2009 operating revenue rose 19.2% to 48.9 bln yuan, producing a net profit over the period of 5.3 bln yuan, up 32.1% year-on-year.
And the developer with a dominant market presence in the Pearl River Delta shows no sign of slowing down, aiming to increase its land bank by 8.55 mln square meters or 52.1%.
In a Chinese language piece in cbn.com, the company’s chairman is also very upbeat on the sector, and this optimism is allowing China Vanke, which was the second company to list on the Shenzhen bourse back in 1991, to seek to expand its property holdings so aggressively.
Bubble Trouble?
China Vanke Chairman Wang Shi is very confident in the ability of the market to sustain the property sector at current levels or better until at least 2013.
"Housing prices will continue to strengthen in China, for at least three years,” he told cbn.com.
Vanke Chairman Wang Shi. Photo: China Vanke
However, another executive with the developer voiced a word of caution to potential investors that the Shenzhen-listed firm was wary of possible macromeasures from Beijing meant to slow housing prices to help prevent speculative bubbles.
"Some residential prices have been rising too quickly in core cities," Vanke Executive VP Shirley Xiao said at a news conference coinciding with the annual results announcement.
Apparently, the concerns of possible market moderating measures implemented by the central government to rein in rapidly rising housing prices in some urban markets by boosting the supply of affordable housing and clamping down on speculative purchases has given some investors cold feet.
They have been less willing to park their money in property stocks of late.
In the fourth quarter of 2009, investment fund activity allowed Vanke to become the most sold A-share in the sector over the three month period.
And as 2010 began, Vanke’s shares continued to be one of the most commonly sold shares by institutional investors.
Under this continuous selling pressure, the company’s share valuation chronically underperformed sector peers over the period.
Vanke's Shenzhen-listed shares rose 3.7% in the final quarter of last year, underperforming the benchmark Shanghai index's 18% gain.
China Vanke
Figures in yuan
2009
2008
Operating Revenue
48.9 bln
41.0 bln
Net Profit
5.3 bln
4.0 bln
On Monday, Vanke’s shares closed up 0.11% at 9.44 yuan, and were largely uninfluenced by Vanke’s guidance for the year, while on Tuesday the company’s shares rebounded another 1.80% to finish at 9.61.
In the context of last year’s mostly good news for the property sector, coming in the form of the ongoing 4.5 trln yuan economic stimulus and robust GDP growth of 8.75%, Vanke’s sales performed admirably.
The fourth quarter was especially vibrant, with Vanke’s net profit rising to 2.37 bln yuan from 1.76 bln a year earlier.
The company anticipates contracted residential property revenue to rise at least 20-30% this year.
Other media outlets have been reporting that Beijing may put in place more macroeconomic controls, possibly in the second half, to help stave off speculative bubbles.
China Vanke is the largest residential real estate developer in the PRC.
It is engaged in developing, managing and selling properties across 20 cities in the Pearl River Delta, the Yangtze River Delta and the Bohai-Rim Region.
The parent firm is China Resources.
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