COLI's Sales on Track Despite Slow Digestion of Acquisitions
Year through November, China Overseas Land & Investment, or COLI, achieved contract sales of HKD 219 billion, up 6% year on year, with flat ASP. Year to date, the company’s shares have underperformed, mostly due to the modest year-on-year growth relative to its peers. The subdued performance was related to the digestion of the large CITIC portfolio consisting of lower quality assets. However, the company is certainly on track to achieve its sales target of HKD 231 billion. We maintain our fa...China Overseas Land & Investment is an investment holding company. Co. is principally engaged in property development and investment, real estate agency and management, and treasury operations. Co.'s business activities are principally carried out in Hong Kong, Macau, Guangzhou, Shanghai, Beijing, Foshan, Chengdu, Nanjing, Suzhou and other regions in the China. Co.'s segments include: Property development, which is involved in the proceeds from property development activities; Property investment, which is involved in property rentals; and Other operations, which is involved in real estate agency and management services, construction and building design consultancy services.
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