SINGAPORE (Mar 1): Ying Li International, the Chongqing-based property developer, reported a near fourfold increase in earnings to RMB350.2 million ($73.2 million) in FY17 from RMB87.7 million in FY16 on higher other income from gain of disposal.
Revenue of the group increased by 1.9% to RMB1.1 billion in FY17 from a year ago. Revenue from the sale of properties increased 2.9% to RMB893 million mainly driven by the sales of existing units from older completed projects, investment properties as well as the continued handover of the residential units at San Ya Wan Phase 2 project and commercial units at Ying Li International Electrical and Hardware Centre Phase 1A and 2A during the year.
Gross profit from the sale of properties fell 20.5% to RMB122.4 million mainly due to the mix of properties handed over as well as sale of investment properties where the carrying values had been revalued annually to their fair values.
Other income rose to RMB155.9 million from RMB54.5 million on gain on disposal of subsidiaries. Total fair value gain on investment properties was RMB39.3 million while total fair value gain from investment amounted to RMB260 million.
Ying Li currently has two existing projects which are under development. The Lion City Garden is at Phase 2D of development while the bespoke development Ying Li International Hardware and Electrical Centre (IEC) is progressing in accordance with development plans, particularly with the handover of IEC Phase 2A which started from 3Q17. The commencement of Metro Line 10 at the end of 2017 will benefit the Lion City Garden project Phase 2D as Metro Line 10 San Ya Wan station is situated directly in front of the project
Looking ahead, Ying Li says it will remain watchful of the macroeconomic uncertainty and market volatility while continuing to scout for sound development and investment opportunities in Tier 1 and fast‐growing lower-tier cities in China to build pipelines for future growth.
Shares in Ying Li closed at 14 cents on Thursday.
