2013-08-19 08:04:01 -
Zhong An Real Estate Limited ("Zhong An" or the "Group"; stock code: 672.HK), one of the leading PRC property developers in the Yangtze River Delta region, is pleased to announce that the Group signed a bank-enterprise cooperation agreement with Xiaoshan Branch of Agricultural Bank of China, to promote mutual development and long-term cooperation.
Pursuant to the agreement, Zhong An is regarded as an important client of Agricultural Bank of China, to the extent permitted by law and financial policies, Agricultural Bank of China will provide Zhong An with key support in respect of capital, settlement, financial service, including overall credit service, credit line totaling RMB4 billion as well as safe and convenient settlement products.
The credit line offered by Agricultural Bank
of China fully vindicates the strong strength and development prospect of the Group.
According to the agreement, as the lead bank, Agricultural Bank of China will in many ways offer services to the Group, which shall be subject to voluntary supervision by banks, usage of credit funds in accordance with the provisions of the contract, to guarantee that no bank funds are appropriated for other uses.
Adhering to its development strategy, the Group upholds a "geographic focus on the Yangtze River Delta Region" and "focus on the future development core of the city". Capitalizing on the advantages of its 16 years' experience in real estate development, an experienced management team, solid financial position, excellent brand image and low-cost quality land bank, the Group has registered good results.
According to the interim results just released, for the period under review, the revenue and gross profit of the Group were approximately RMB1.182 billion and RMB450 million respectively, representing a sharp increase of approximately 284% and 180% as compared with that of 2012 respectively; the profit attributable to the owners of the parent was RMB310 million, an increase of approximately 14 times as compared with that of 2012; the unaudited basic earnings per share were RMB0.13, representing a year-on-year increment of approximately 12 times. The Group's overall sales result witnessed rapid growth and was in line with expectation. The Group recorded contracted sales of approximately RMB1.33 billion, representing a year-on-year increase of approximately 153%, and contracted GFA sold of approximately 128,302 sq.m., representing a year-on-year increase of approximately 148%, with contracted average selling price of approximately RMB10, 352 per sq. m.. In addition, the accumulated subscription sales was approximately RMB310 million.
Mr. SHI Kancheng, the chairman of Zhong An stated, "We believe that Agricultural Bank of China's credit line will provide more adequate financial foundation for our steady development. By taking real estate development as our primary business focus, the direction of parallel development of commercial properties and services of property development business, the Group aims to build up a diversified and synergetic business and product portfolio, while maintaining sustainable development, maximizing values and generating excellent return for our shareholders."
Copyright 2013 ACN Newswire. All rights reserved.