China Merchants Real Estate reported net profit doubled in the fall of the agency crazy buy B

Today (July 27), China Merchants Real Estate (000024, closing price of 18.52 Yuan) issued 2010.5 Annual report.　　The first half of the company to achieve operating income of 6.981 billion yuan, an increase of 142.76%, the net profit of the listed company shareholders 1.05 billion yuan, the growth of 115.71% per share earnings 0.61 yuan, net assets yield of 6.25%.　　Performance growth stems from a large increase in settlement area benefited from the second half of 2009 real estate sales Good, the first half of this year, the settlement area of China Merchants property increased significantly, leading to revenue and profits are greatly increased. The first half of the company's main settlement projects in Shenzhen City Three, Shanghai Investment Bridge Ya Yuan, Shanghai Merchants Yong Hua Yuan and so on, while the Shenzhen City three period settlement amount of up to 2.051 billion yuan, in the company's operating income accounted for nearly 30%.　　According to the relevant information, the city of three is located in Shenzhen west of the canton and deep high-speed North Baoan export, for large low-density top-grade pure villas, the data from the semi-annual estimates, the city of three per square metre of the average unit price more than 53,000 yuan.　　But because of the big cost increase, the company's first half of the real estate business interest rate fell slightly 5.19% to 42.76%. New sales, investment in the first half of the 11 cities, including Shanghai Yong-Washington two, Suzhou Little Rcok three period 21 real estate, sales area of 287,500 square meters, signed sales of 4.23 billion yuan, the first half of the total new start 9 projects, building area of 670,000 square meters.　　In addition, the company also expanded the land reserve 460,000 square meters, the company's total land reserves of more than 10 million square meters. Second half of the "cash for the King" is worth mentioning is that, although the interim results are bright, in the face of national macro-control policies, investment real estate expressed a cautious attitude, pointed out that "the current market has entered the regulatory effect of the observation period." Along with the gradual fall in prices and the sharp decline in sales volume, the market is moving towards the direction of government regulation. In the face of uncertain market environment, China Merchants Real Estate decided to take the "cash for the King" strategy, including promoting sales, optimize the inventory structure, carefully take a series of measures. Particularly noteworthy is that China Merchants real estate also proposed to "make forward-looking financing arrangements, reasonable arrangements for cash flow, living within our means to ensure financial security, sound operation." In fact, in the first half of this year, there have been signs of cash-flow tightening.　　In January-June, the net outflow of cash from the company was nearly 2 billion, compared with a net inflow of $3.146 billion in the same period last year. B-Share is more favored by institutional investors from the semi-annual report, although the two quarter, under the influence of macro-control policy, China merchants real estate prices plummeted, but there are still a lot of institutional investors to the company said bullish, contrarian. At the end of June, rich days rui strong areas of the selected hybrid Open-end Securities investment fund holding 27.52 million shares, more than a quarter at the end of 4.47 million shares, continue to stabilize the company's first large circulation shareholder throne. and the second largest circulation shareholder to invest Morgan China Advantage Securities Investment Fund for two quarterNew in, the number of shares also up to 21.27 million shares. It is noteworthy that, as China merchants also issued a B (China Investment Bureau, Code 200024), while the B-share price is significantly lower than a shares, some institutional investors are more favored by the valuation advantage of B shares, in the stock price fell when the big raise. At the end of June, three shareholders entered the company's top ten shareholders because of the large number of B shares, while only one company with B-shares at the end of the quarter entered the top ten circulating shareholders. At present, the total number of the three institutional investors holding China Merchants B reached 25.14 million shares, the share of the Chinese merchants b circulation of nearly 18%. Yesterday, China Merchants B closed at HK $14.39, an equivalent of 12.56 yuan, only a share price of two-thirds.