Strong Sales for the Year, but Future Growth not Certain for Shimao Property
Shimao Property achieved contract sales of CNY 101 billion, exceeding the full-year target by 15%. Compared with a year ago, the sales were up by 48% with volume up 28% and price up 20%. This was a relief to the market as the company’s contract sales have been largely stagnant from 2013 to 2016. The strong results were reflective of the company's return to the path of growth after several years of destocking. The share price has rallied during the past month, and we believe shares are fairly val...Shimao Property Holdings is an investment holding company. Through its subsidiaries, Co. is principally engaged in property development, investment and hotel operation in the People's Republic of China. Co. develops commercial properties through its 64.12% owned subsidiary Shanghai Shimao Co., Ltd. As of Dec 31 2014, Co. had 104 projects in 41 cities in the country.
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