China Overseas Land Profit Advances 22% as Property Values Riseby
China Overseas Land & Investment Ltd. reported a 22 percent increase in net income for 2015, as the fair value of investment properties rose.
Profit attributable to shareholders rose to HK$33.3 billion ($4.3 billion) last year, from HK$27.2 billion in 2014, the company said in a statement to the Hong Kong stock exchange on Friday. About HK$5.8 billion of the net income was related to a net gain after tax on the fair value of investment properties.
The property developer said it benefited from an improving property market as regulators embarked on stimulus measures amid flagging economic growth. In China, prices fell for most of last year amid uncertainty over the economy and a glut of homes before rebounding sharply in the second half because of government stimulus.
“All in all, the property market in China was much stronger than in 2014,” the company said in its statement.