China Fortune Land Development Generated RMB 37.372 Billion
BEIJING, Aug. 28, 2020 /PRNewswire/ -- According to the 2020 Semi-Annual Report released by China Fortune Land Development ("CFLD" or "the company") on August 28, as of the end of the reporting period, the company generated RMB 37.372 billion in revenue, with over 60% contributed by regions outside the greater Beijing area. The company achieved net profit of RMB 6.062 billion attributable to the parent of the company and a net profit margin of 16.2%. The debt-to-asset ratio of CFLD stood at 83.1%, representing a year-on-year decrease of 5.0%.
Focusing on the development of core metropolitan areas, CFLD aims to build a leading domestic investment, development, operation and management platform for real estate projects in core metropolitan areas, and is committed to realizing the "3 + 3 + N" business strategy. Regions outside the greater Beijing area contributed 62.4% of the total revenue of the company in the first half of 2020, a significant increase from 38.5% in the same period last year. On top of that, 77.3% of the land parcels acquired by CFLD in the first half of 2020 were located outside the greater Beijing area.
By the end of the reporting period, CFLD's recovery rate of accounts receivables rose to 72.5%, as compared to 61.6% from the same period last year., while the total payment for land increased by RMB 2.7 billion compared to the same period last year, and the net outflow of the overall net operating capital decreased by RMB 2 billion.
Dedicated to exploring "new models, new fields, and new regions," CFLD made significant breakthroughs in the areas of commercial complexes, public housing, health and elderly care, communities for scientists, etc. Amongst these was CFLD's Guangzhou Bai'etan Project, the first large-scale commercial complex project in the Guangdong-Hong Kong-Macao Bay Area, which passed its acceptance inspection; CFLD's winning bid for providing construction agency services for the Global Headquarters of China Merchants Bank project, which is a masterpiece among asset-light projects; the company's support for the government in purchasing and reserving large areas of land for the first time, winning the bid for the Weiyuan Island comprehensive service project, and being selected as a service provider for nine projects in their early stage of development. Moreover, the company has also participated in the World Laureates Association Shanghai Scientific Community project.
In addition, CFLD strives to create a cohesive platform for its partners. The company actively served listed companies within the New Industry Cities and has formed strategic partnerships with leading listed companies, such as BOE in the Gu'an New Industry City in Hebei Province, Sunwoda in the Lishui New Industry City in Nanjing, and OFILM in the Shucheng New Industry City in Anhui Province. Through its intense efforts to incubate listed companies and by comprehensively organizing enterprises in every industrial park, the company has established a reserve of S&T enterprises listed on the Sci-Tech innovation board and helped key enterprises to obtain their listing status. CFLD also actively participated in the establishment and introduction of government funds for encouraging investment in emerging industries to provide capital support for listed companies or companies planning for IPOs, such as Visionox and Zhenbang Aerospace Precision Machinery Co., Ltd.
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