China's Biggest Home Builder Reduced Gearing Below 50%
China's biggest home builder reduced its gearing ratio to below 50% for the first time since 2009. China's biggest home builder Country Garden reported total revenue in 2016 rose by about 35.2% year on year to RMB153.09 billion. Revenue from the property development segment grew by 35.4% year on year to RMB148.18 billion.
The Group’s gross profit increased by 41.0% year on year to approximately RMB32.24 billion. Profit attributable to the owners of the company rose by 24.2% year on year to approximately RMB11.52 billion, core net profit rose by 22.3% to RMB11.98 billion. The company board recommended payment of a final dividend of RMB10.20 cents per share in the form of cash.
During the financial year ended on 31 December 2016, the company announced it reduced its net gearing ratio to 48.7%, representing a decrease of 11.3 percentage points compared with that of 2015, the company said.
- APMR News