China developer Greenland posts 25% growth in 2017 profit

SHANGHAI - Greenland Holdings Corp Ltd, a major property developer in China, said its net profit for 2017 rose 25.4 percent year-on-year to 9 billion yuan ($1.4 billion).

In its annual financial report filed to the Shanghai Stock Exchange Monday night, it also said its revenue grew 17.4 percent year-on-year to 290.2 billion yuan last year.

The gross profit margin of its main property development business grew by nearly 3 percentage points to 23.4 percent, it said.

Its infrastructure construction business has become a major driver of growth. It generated a revenue of 104.8 billion yuan, up 37 percent year-on-year.

Zhang Yuliang, chairman and president of Greenland Holdings, said the overall recovery growth it has achieved amid a complicated economic environment and fierce industry competition has laid a foundation for growth in the future.

Meanwhile, Greenland Holdings also released its first-quarter financial results.

In the three months ending in March, it saw its revenue up 27.2 percent year-on-year to 74.8 billion yuan.

Boosted by solid profit growth, its shares rose 2.55 percent to 7.24 yuan at 1:45 pm in Shanghai.