China Evergrande's Higher Profit for Interim Expected on Faster Completion, but Contract Sales Slows
China Evergrande Group, or Evergrande, announced a positive profit alert for first-half 2018. The company expects its aftertax net profit and net profit from the core business to increase by 125% and 100% year on year, respectively. Further, the company expects its net gearing ratio to decline to 130% from 184%. The market reacted positively to the news by bidding the company's shares up more than 20%. Our reaction is more muted on the account of slowing contract sales momentum, despite the fast...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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