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Gemdale to buck trend
(China Daily)
Updated: 2005-06-09 09:09

Shanghai-listed property firm Gemdale Corporation expects to see a substantial rise in profit this year, despite woes many of its peers are suffering as a result of the State's macro management measures.

Zhang Huagang, president of Gemdale Corporation, said profit for the year is expected to reach 320 million yuan (US$38.5 million), up more than 30 per cent from last year.

"The projects have been all finished, and mostly sold," he told China Daily yesterday, adding that projects in Wuhan, Central China's Hubei Province, could contribute more than 80 million yuan (US$9.6 million) in profit.

Gemdale's situation is in stark contrast to the property industry overall. Many developers are suffering from funding shortages as a result of the State's measures to contain the rapid rises in housing prices.

The authorities have launched a range of measures since last year, including stricter lending policies and land controls, to contain soaring property prices and prevent bubbles in the market.

A number of property companies have suffered liquidity difficulties since then, leading some to sell land reserved for development to alleviate the pressure.

But Zhang said his firm has ample funding. Gemdale has a 4 billion yuan (US$480 million) credit line for this year from banks, and has used only half of it, he said.

Yet Zhang acknowledged his company's long-standing focus on high-end residential housing is subject to risk in the current economic situation, saying Gemdale is trying to promote commercial real estate and make rent a new source of profit.

The company yesterday announced a 1.7 billion yuan (US$204 million) investment in its first office building project - the Gemdale Plaza in Beijing.

The plaza, which is located on Chang'an Avenue in the city's planned Central Business District, will include two office buildings and a 19,000 square metre commercial centre, Gemdale executives said.

The project is scheduled to be completed in 2007 to tap an anticipated surge in demand for office space ahead of the Olympics in the following year.

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