Sansheng Holdings soars threefold to US$96.42m in H1

This is up from RMB159.2m (US$24.5m) in the first half of 2020.

Property firm, Sansheng Holdings (Group) Co. Ltd., reported its profit rose 293.1% to RMB625.9m, approximately US$96.42m, in the first half of the year.

The sharp increase from RMB159.2m (US$24.5m) was attributed to the significant increase in revenue from its property sales, as well as land bank expansion.

“We have proactively selected property development projects from cities with a robust economy and avoided projects from areas where stringent real estate policies, such as restrictions on purchases and prices are in effect,” Executive Director and Chairman Lin Rongbin said.

Revenue increased by 198.9% year-on-year to RMB5.13b (US$790m) over the same period. Of this, RMB4.96b was generated from the sales of its properties, mainly in Fuzhou, Nantong, and Qingdao.

The group, as of 30 June, has a total of 56 property projects that are held for sale, under development, or held or secured for future development.

The total site area of its land bank was approximately 3.60 million square metres (sq. m.) and the planned total gross floor area (GFA) was approximately 10.62 million sq. m. Of this, some 7.40 million sq. m. were attributable to the group based on its equity interests.

In the first half of 2021, the group acquired or secured to acquire an interest in a total of four new land parcels.

The total planned GFA of the new land acquisitions amounted to approximately 850,955 sq. m., of which 545,125 sq. m. were attributable to the group based on its equity interests.