Slower Growth Ahead, Balance Sheet Should Strengthen
Country Garden achieved attributable contract sales of CNY 502 billion for the year, up 31% year on year. The increase was mostly due to higher GFA sold. The company changed the presentation of contract sales data from total to attributable during the second half of 2018. Total contact sales were likely lower than the company’s earlier goal of CNY 800 billion for the year. With a “downshift to a lower gear," and a renewed focus on quality over speed, the result was not surprising. We maintain ou...Country Garden Holdings is an investment holding company. Through its subsidiaries, Co. is engaged in the property development, construction, fitting and decoration, property management and hotel operation. Co. provides a range of products including residential projects such as townhouses, condos, as well as car-parks and retail shops. Co. also develops and manages hotels within some of its projects, and operates independent hotels. As of Dec 31 2014, excluding Guangdong province, Co. had property development operations in a number of selected locations in 23 provinces/ municipalities/autonomous regions in China.
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