China Overseas Land & Investment Ltd announces its 2010 interim results 2010-08-11

(11 August 2010) China Overseas Land & Investment Ltd ("COLI" or the Company , Stock code: 00688) announced its 2010 interim results on 11 August 2010.

For the six months ended 30 June 2010, the Company's turnover was HK$17.6 billion, increased by 13.4% compared with same period of 2009. Operating profit increased by 48.4% to HK$8.0 billion. Profits attributable to shareholders was HK$5.1 billion, increased by 66.7%. Basic earnings per share was HK62 cents, increased by 66.2%. The Board declared an interim dividend of HK10 cents per share, an increase of 42.9% on 2009.

The Company achieved a new sales record of HK$28.1 billion, an increase of 7.0% compared with the same period of 2009. The total area of properties sold was 2.2million square meters, a decrease of 21.4% on 2009.

So far this year, the Company acquired a total new land amounting to 5.2 million square meters and the attributable portion was 4.7 million square meters. Currently, the Company has a total land reserve of 34.6 million square meters which is sufficient to meet the requirement of the Company s development in the coming 4 -5 years.

Mr. Kong Qingping, Chairman of COLI stated, 2010 will be a year full of challenges for the sector. For COLI, opportunities will be more than challenges and the property market of the Mainland provides the Company with ample opportunities. COLI will further strengthen its study on the market situation and government policy, seize favorable growth opportunities and optimize its operation mode in order to strive for excellent performance and to achieve all the targets set in the beginning of this year.