China Evergrande's Full-Year Results a Miss on Attributable Basis, Modest Growth Target for 2018
China Evergrande Group, or Evergrande’s, full-year 2017 results were below our estimate. The company reported net profit of CNY 37 billion and core profit of CNY 41 billion, up 110% and 95% year on year. With the strategic investors’ injection of capital of CNY 130 billion into the company’s onshore entity, the minority shareholders are entitled to approximately 26% of earnings during the year. Accounting for this, the core profit attributable is about CNY 30 billion, or 8% below our estimate of...China Evergrande Group is an investment holding company. Through its subsidiaries, Co. is engaged in property development, property investment, property management, property construction and other property development related services in the People's Republic of China (which include resort complexes with hotels, sports arenas, and other tourist-related activities). Co.'s operations are organized along four business segments: property development, property investment, property management and other businesses. Co.'s other businesses include property construction and other property development related services.
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