China Evergrande's Interim Results a Beat, but Growth Slowing
China Evergrande Group's, or Evergrande's, interim 2018 results were above our estimate, driven by faster booking, stronger margin and lower expenses. The company reported net profit of CNY 53 billion and core business profit of CNY 55 billion, up 129% and 102% year on year. Accounting the strategic investors' injection of capital into the company's onshore entity, the minority shareholders are entitled to approximately 42% of earnings during the period. Excluding the impact of gain on disposals...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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