On the morning of August 26, Greentown China released its 2019 interim results. In the first half of 2019, the group achieved revenue of approximately 18.658 billion yuan, a year-on-year decrease of approximately 44.36%; gross profit was approximately 5.969 billion yuan, a year-on-year decrease of approximately 1.81%; gross profit margin was approximately 30.2%, a year-on-year decrease of approximately 44.36%. An increase of 13.9 percentage points; net profit was approximately 3.073 billion yuan, a year-on-year decrease of approximately 1.55%; net profit attributable to the parent company was approximately 2.058 billion yuan, a year-on-year decrease of approximately 11.88%; basic earnings per share was 0.67 yuan.

Of the total revenue of 18.658 billion yuan, property sales revenue was approximately 15.889 billion yuan, accounting for approximately 85.2% of the total revenue, a decrease of approximately 49.4% from 31.42 billion yuan in the same period last year. Greentown China stated that the decrease in property sales revenue was mainly due to the uneven distribution of carryover area in the first and second half of the year.

From the perspective of sales, in the first half of 2019, the group, together with its joint ventures and associated companies, acquired a total contracted sales area of ​​approximately 4.03 million square meters and a total contracted sales amount of approximately 74.3 billion yuan, a year-on-year decrease of approximately 1.46%. Among them, the amount of equity attributable to the group is approximately 26.7 billion yuan.

In addition, in the first half of 2019, Greentown China's sales amount sales rate was approximately 61%, the sales amount rate of newly added properties reached approximately 77%, and the sales amount collection rate was approximately 88%.

In terms of solvency, as of June 30 this year, Greentown China’s total assets were approximately 300.173 billion yuan, a year-on-year increase of approximately 7.30%; total liabilities were approximately 234.730 billion yuan, a year-on-year increase of approximately 6.87%. Calculated based on this data, the group's asset-liability ratio is approximately 78.20%, and its published net asset-liability ratio is approximately 58.6%. In addition, the group's bank deposits and cash (including mortgaged bank deposits) are approximately 48.23 billion yuan, which is 2.69 times the balance of borrowings due within one year.

In terms of land reserves, in the first half of 2019, Greentown China acquired 19 new land parcels with a total construction area of ​​approximately 3.22 million square meters; the total transaction value was approximately 25.2 billion yuan, of which the group’s equity amount was approximately 18.1 billion yuan; the newly added salable amount is expected to be approximately 62.6 billion yuan, of which the group’s equity salable amount is approximately 36.7 billion yuan; the average floor price of new land is approximately 12,837 yuan per square meter.

In terms of geographical distribution, Greentown China’s new land reserves are mainly concentrated in first- and second-tier core cities such as Hangzhou, Ningbo, Hefei, Zhengzhou, and Xi’an, accounting for approximately 88% of the salable amount.

As of June 30, 2019, the total construction area of ​​Greentown China's land reserves was approximately 34.12 million square meters, of which the attributable construction area was approximately 20.41 million square meters; the total salable area was approximately 23.49 million square meters, and the attributable salable area was approximately 13.95 million square meters. The total salable value of land reserves in first- and second-tier cities accounts for 72%.