SOL announces 2009 Interim Results Timely decisions, focused moves
Shui On Land (SOL) announced its 2009 Interim Results on 27 August. Till the six months ended 30 June 2009, the Group’s turnover increased by 18% to RMB1,335 million, in which property sales accounted for approximately 76% representing a total of 102,100 sq.m. Rental income and other related activities accounted for the remaining 24% of the turnover. The increase in turnover was primarily due to a 22% increase in property sales to RMB1,010 million.
With the adoption of an interpretation to the accounting standard of “Agreements for the Construction of Real Estate”, the timing of revenue recognition of property sales has been changed. With the deferral of profit contributions from Casa Lakeville and no sales of equity interests to strategic partners for the period, profit attributable to shareholders of the Company amounted to RMB718 million, a decrease of 45% when compared to the corresponding period in 2008.
Appointment of Management
SOL announced in August that Managing Director & Chief Financial Officer Mr. Daniel Wan was invited to join the board and serves as Executive Director. At the same time, Mr. Freddy Lee was promoted to the position of Managing Director of Shui On Development. Mr. Wan and Mr. Lee are seasoned executives with rich knowledge and expertise in financial industry and property development industry respectively. The appointment will enable the Company to further strengthen management as well as to foster sustainable development.
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| Mr. Daniel Y. K. WAN |
Mr. Freddy C. K. LEE | |
Two developments sell well
Two developments – Casa Lakeville Tower 9 and Lot A8 of Riverview Phase 2 of Wuhan Tiandi – were both launched on 15 August which drew high interest and proved a big hit.
Sales of Tower 9 of Casa Lakeville was launched to Shanghai and Hong Kong markets offering one- to two-bedrooms units measuring from 90 to 135 sq.m. The development sold very well, with 90% of the first batch going within the first two days. A one-stop asset and management service is also offered in Hong Kong covering from unit selection, contract signing, loan and payment, to leasing matters, fee payments and etc.
Phase 2 of The Riverview with two- to three-bedroom units ranging from 80 to 130 sq.m are on sale. The three showflats in Lot A8-T10 high-rise buildings are distinguished – including “Shinjuku Royale” and “Glamourous Ginza” designed by noted designer Mr. Takaito, while “New York Uptown” showcases the international classic chic.
Heath, safety & environment committee established in Foshan
In line with the Company’s commitment in being a caring and good employer, a H.S.E. committee was set up by Foshan project team to promote “health, safety and environment” through a series of publicities and activities. The first “Summer Cool and Refreshing” event was held on 10 August with sending juicy watermelons to over 700 site workers. Other upcoming activities will include comprehensive site safety promotion and medical examination.
First National Fitness Day activity at KIC
Hundreds of thousands of runners gathered at Jiangwan Sports Centre to participate in the “Healthy Running” campaign co-hosted by KIC on 8 August. This 10-km race with the start/finish point at Jiangwan was one of debut National Fitness Day activity series in a bid to commemorate the first anniversary of Beijing Olympics.