Poly Development: July sales of 25.3 billion yuan, 11 billion yuan invested in 7 new real estate projects
2024-08-07
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Poly Developments Holdings
On August 7, Poly Developments & Holding Group Co., Ltd. (600048.SH) released a sales report for July this year.
In July 2024, the company achieved a contracted area of 1.4495 million square meters, a year-on-year decrease of 18.86%; the contracted amount was 25.318 billion yuan, a year-on-year decrease of 18.33%.
From January to July 2024, the company achieved a contracted area of 10.992 million square meters, a year-on-year decrease of 29.62%; the contracted amount was 198.654 billion yuan, a year-on-year decrease of 25.83%.
In July, Poly Development spent a total of 11.02175 billion yuan and added 7 new real estate projects. The 7 projects are located in Beijing, Shanghai, Shijiazhuang (2), Chengdu, Fuzhou and Lanzhou, with a land area of 206,136 square meters and a planned gross floor area of 466,369 square meters. Among them, the land parcel on the west side of Weinan Road in Yangpu District, Shanghai, the land parcel on the east side of Zhonghua Avenue in Qiaoxi District, Shijiazhuang, the land parcel on the west side of Huazhaobi Zhongheng Street in Jinniu District, Chengdu, and the land parcel on the east side of Liuyi Middle Road in Gulou District, Fuzhou are 100% owned by Poly Development, with investments of 2.2 billion yuan, 337 million yuan, 2.11 billion yuan and 787 million yuan respectively. The land parcel on the east side of Hongfengqu East Road in Haidian District, Beijing accounts for 60% of the equity, and Poly Development invested 5.34 billion yuan in the land parcel.
In the first half of this year, Poly Development's total operating revenue was 139.269 billion yuan, a year-on-year increase of 1.64%; the net profit attributable to shareholders of listed companies was 7.508 billion yuan, a year-on-year decrease of 38.57%; as of June 30, Poly Development's total assets were 1.39 trillion yuan, a year-on-year decrease of 3.22%.
Poly Development said that during the reporting period, the company's operating income mainly came from the completion and delivery of real estate projects, and the revenue scale increased slightly by 1.64% compared with the same period last year. Affected by the market downturn and price pressure, the gross profit margin of project carryover decreased, and the company's operating profit decreased by 27.73% year-on-year. At the same time, the equity ratio of carryover projects decreased during the reporting period, and the net profit attributable to shareholders of listed companies decreased by 38.57% year-on-year.
From January to June this year, the company achieved a contracted area of 9.5425 million square meters, a year-on-year decrease of 31.01%; the contracted amount was 173.336 billion yuan, a year-on-year decrease of 26.81%. According to a research report by CRIC, in the first half of this year, Poly Development ranked first among the top 100 real estate companies with sales of 173.3 billion yuan.
Poly Development said that since the Politburo meeting on April 30, 2024 and the "517 New Policy", various ministries and local governments have successively issued policies to support the real estate industry, and the market has become more enthusiastic. The company's national projects maintained an average of about 50,000 groups per week in May and June, an increase of 32% from April before the new policy was introduced, and has recovered to a high level comparable to March and April 2023.
The Paper reporter Liu Chang and Li Xiaoqing
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