Chinese developer Sunac net profits surge in H1

Source: Xinhua| 2019-08-24 22:51:54|Editor: Mu Xuequan
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BEIJING, Aug. 24 (Xinhua) -- Chinese property giant Sunac China Holdings Limited reported a 61.7-percent year-on-year surge in net profits in the first half of 2019, the company's latest financial results showed.

Profits attributable to owners of the company were 10.29 billion yuan (about 1.45 billion U.S. dollars) during H1, while revenue gained 64.9 percent year on year to reach 76.84 billion yuan.

Gross profits stood at 19.35 billion yuan, a 67.9-percent growth from the same period last year as a result of increased sales, according to the company.

Contracted sales clocked in at 214.16 billion yuan, up 11.8 percent year on year.

The company expected that it would have over 420 projects under sale in H2, with saleable resources exceeding 570 billion yuan in value, of which 80 percent are located in first- and second-tier cities.

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