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Thursday, 15 August 2013, 12:12 HKT/SGT

Source: China SCE Group Holdings Limited
China SCE Achieves New Record High in the First Half of 2013
Revenue, Gross Profit & Net Profit Jumps 345%, 246% and 103% Respectively
Contracted Sales Area & Sales Amount Surges 3.8 Times and 3.6 Times

HONG KONG, Aug 15, 2013 - (ACN Newswire) - China SCE Property Holdings Limited ("China SCE" or the "Group") (stock code: 1966), a leading developer of high-end residential properties in Fujian Province, announced its interim results for the six months ended 30 June 2013 ("the period under review"). The remarkable results were mainly supported by the sufficient funds, as well as the timely adjustment of its product structure under the changes in market demand. The Group has appropriately increased the proportion of rigid demand products with high turnover in the product mix and accelerated its pace of project development.

For the six months ended 30 June 2013, the Group recorded a revenue of approximately RMB 3,723 million and a gross profit of approximately RMB 1,236 million, surged by 345% and 246% respectively as compared with the same period. Profit attributable to owners of the parent amounted to approximately RMB 498 million, basic earnings per share recorded as RMB 17.5 cent.

The Board has proposed an interim dividend of HK6 cents per ordinary share and a bonus issue of two bonus shares for every 10 existing ordinary shares held.

Benefiting from reasonable marketing plans and effective sales strategies, the Group's contracted sales amount hit a new record high in the period under review. For the six months ended 30 June 2013, the Group and its jointly-controlled entities realized a contracted sales area of 409,754 sq.m and contracted sales amount of approximately RMB5.155 billion, jumping by approximately 69% and 150%, respectively. The average unit selling price was approximately RMB12,581 per sq.m. The first half of 2013 fulfilled approximately 69% of the whole year's sales target of RMB7.5 billion.

During the period under review, the Group had a total of 14 projects under sales, three of which were newly launched, namely, The Prestige in Xiamen, Sapphire Boomtown Phase 2 in Zhangzhou and The Regent in Quanzhou. Besides, the Group had nine projects under development, with an aggregate planned GFA of approximately 1.48 million sq.m mainly located in Quanzhou, Xiamen, Zhangzhou, An'shan and Linfen.

In land bank expansion, the Group acquired land parcels through acquisitions and bidding in Quanzhou and Zhangzhou of Fujian Province, and Nanchang of Jiangxi Province with an aggregate planned GFA of approximately 1.74 million sq.m during the period under review. A total consideration of approximately RMB2.324 billion, with average land cost of approximately RMB1,333 per sq.m. As at 30 June 2013, the Group owned a land bank with an aggregate planned GFA of approximately 10 million sq.m (planned GFA attributable to the Group of approximately 6.9 million sq.m.).

In the second half of 2013, China SCE will launch seven new projects to the market, namely, Fortune Plaza Marina Bay, Sunshine Town Phase 2, Sunshine City, SCE Mall and The Prestige in Quanzhou, Sapphire Boomtown in Longyan, and SCE International Community Phase 2 in Linfen. Together with the unsold part of the launched projects, the Group will have a total area available for sale of approximately 900,000 sq.m. in the second half of 2013. China SCE expects the properties of approximately 1.17 million sq.m will be completed in the full year of 2013.

Strategic Financial Relations Limited
Brenda Chan / Tiffany Cheung / Ellena Cheung
Telephone: 2864 4833 / 2864 4817 / 2114 4912
Email: brenda.chan@sprg.com.hk 

Topic: Press release summary
Source: China SCE Group Holdings Limited

Sectors: Daily Finance, Daily News
From the Asia Corporate News Network

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