According to the Zhitong Finance App, Joy City Real Estate (00207) announced its 2017 results, achieving total revenue of approximately RMB 11.658 billion (same under the unit), an increase of 66.8% over the previous year; profit attributable to company owners was approximately RMB 1.153 billion, an increase of 44.6% over the previous year; the basic profit per share was 7.5 per share, and a final dividend of HK4 cents per share was proposed.
Among them, income from investment property rents and related property management services was about 3.433 billion yuan, an increase of 9.9% over the previous year; revenue from sales of properties for sale and land development revenue was about 7.136 billion yuan, an increase of 158.9% over the previous year. Excluding the post-tax fair value income of investment properties and the impact of exchange rate changes, the cumulative realized fair value income after tax confirmed by the group for the sale of investment properties in this year and previous years, together with its net foreign currency exchange income confirmed in foreign currency conversion reserves, the core net profit attributable to the company's owners was $839 million, an increase of 163.3% over the previous year.
According to the announcement, sales revenue increased significantly mainly due to the excellent performance of the property development and investment property leasing business.
In addition, in 2017, the settlement area and settlement unit price were 147,900 square meters and 48,175 yuan respectively, up about 115.5% and 20.1% respectively from 2016. Revenue increased significantly due to the delivery and settlement of Shanghai Jing'an Grand Hyatt City • Tianyue 1, Hainan COFCO • Hongtang Yuehai, and Hangzhou Joy City • Tianyue City. During the period, the Group achieved a contract amount of about 8.156 billion yuan, an increase of 78.6% over the previous year; the contract area was about 242,500 square meters, an increase of 158.1% over the previous year. The average cost of borrowing fell to 4.28%.