China Overseas Development (00688.HK) announced on August 28th that for the six months ended June 30, 2024, the group's contracted property sales amounted to 148.38 billion yuan, with corresponding sales area of 5.44 million square meters. During the period, the group's revenue was 86.94 billion yuan, commercial property revenue was 3.54 billion yuan, a year-on-year increase of 19.8%. Shareholders' net profit was 10.31 billion yuan, core shareholders' net profit was 10.64 billion yuan, and basic earnings per share were 0.94 yuan. The Board of Directors declared an interim dividend of HK$0.30 per share.
The group added 6 new plots of land in 4 mainland Chinese cities, with a total building area of 1.17 million square meters (equity building area of 1.15 million square meters). As of June 30, 2024, the group's contracted land reserve had a total building area of 49.05 million square meters. As of June 30, 2024, the group's total borrowings were 255.57 billion yuan, with bank balances and cash holdings of 100.24 billion yuan. The group's net debt ratio was 38.7%, with a weighted average financing cost of 3.5%, positioning the financing cost in the industry's lowest range.