[photopress:mini_Li_Sze_lim.jpg,full,alignright]Guangzhou R&F Properties, the Mainland developer that constructed the Ritz-Carlton and Grand Hyatt hotels in Guangzhou, is confident that it will still be able to achieve its sales target for the year despite a 60 per cent drop in interim net profits.
Shares of Guangzhou R&F fell sharply after the company declared a dip in net profit to RMB 258.99 million from RMB 646.87 million in the previous year. However, Chairman Li Sze-lim told reporters at a press conference that the drop was ‘purely due to completion numbers’ and revenue from sales of apartments in the second half could be almost 10 times that in the first half. He said, ‘The total contracted sales represent approximately 41.2 per cent of our annual budgeted sales of approximately RMB 11.5 billion for the full year and it is in line with our original plan. We are confident that the group will be able to accomplish the budgeted targeted sales this year
Source: China Knowledge