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4-Traders Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  Poly Real Estate Group    600048   CNE000001ND1

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China's property giant reports robust Q1 profit amid cooling measures

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05/02/2017 | 05:54am CET

A property project of Poly Real Estate Group in Nantong, Jiangsu province, Nov 27, 2013. [Photo/VCG]

BEIJING - Poly Real Estate Group, one of China's leading real estate companies, reported 38.73 percent year-on-year growth in its first-quarter net profits despite tightening government regulation on the property market.

The Beijing-based company said in a report filed to the Shanghai Stock Exchange Saturday that it reaped 1.89 billion yuan ($270 million) in net profits in the first three months, but its business revenue dropped 5.14 percent to 17.9 billion yuan. Earnings per share rose to 0.16 yuan from 0.13 yuan a year ago.

Chinese property developers enjoyed a bumper year in 2016 due to strong sales and easing monetary policies, but runaway housing prices have prompted government cooling measures from October last year.

Dozens of cities have implemented tougher cooling measures to limit price gains since mid-March, following Beijing's unprecedentedly strict curbs that lifted the downpayment ratio for second homes to 60 percent.

Poly said that as the government made further strides in market regulation, property markets in cities with tough price curbs would be impacted.

Of 70 large and medium-sized cities monitored by the government, 24 witnessed slower price rise year on year in March, up from 20 in February, according to the National Bureau of Statistics.

Shares of the Poly Real Estate Group dropped 1.36 percent to 9.42 yuan on the Shanghai market Friday.

(c) 2017 China Daily Information Company. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( CNY)
Sales 2018 200 B
EBIT 2018 36 692 M
Net income 2018 18 524 M
Debt 2018 94 114 M
Yield 2018 2,50%
P/E ratio 2018 11,36
P/E ratio 2019 9,45
EV / Sales 2018 1,52x
EV / Sales 2019 1,35x
Capitalization 210 B
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 14,8  CNY
Spread / Average Target -16%
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Managers
NameTitle
Ping Liu General Manager & Director
Guang Ju Song Chairman
Jun Fu Chairman-Supervisory Board
Dong Li Zhou Chief Financial Officer
Zhen Gao Zhang Director
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