Sansheng Holdings' profit rose 19-fold in 2020 as property sales surged

The company has attributed this to the 257% increase recorded in property revenue.

Property developer Sansheng Holdings (Group) Co. Ltd. posted a $964m (RMB809m) profit attributable to equity shareholders, reflecting a 1,927.9% increase from $47.5 (RMB 39.9m) in 2019

The company linked its 2020 profit to the increase in properties delivered, which accounted for 98.5% of the $10.4b (RMB8.78b revenue). Sansheng Holdings’ revenue this year is a 275.5% YOY increase.

“We have smoothly implemented our strategic plan…and have proactively selected property development projects from those cities with a robust economy and avoided the projects from areas where stringent real estate policies such as restrictions on purchases and prices were in effect,” said Lin Rongbin, executive director and chairman of Sansheng Holdings.

The company’s board recommended a final dividend of $0.24 (RMB0.20) per share.

Sansheng Holdings had 52 property projects, either under development or for future development, held for sale in 2020. It posted a $10.3b (RMB8.64b) during the year, largely due to properties delivered in Chengdu, Fuzhou, Jinan, Ningde, Qingdao, and Zhangzhou.

In the same year the company’s contracted but unrecognized sales reached $28.7b (RMB24.13b) and an estimated 1.95m square metre of contracted gross floor area.

Projects under development are Rudong Nantong Jiangsu, Puyue Mansion, Longhai Zhangzhou Fujian/Sansheng, and Puyue Sea, Minhou Fuzhou Fujian/The Puyue Bay, amongst others. The said projects are expected to be completed in 2021.

Further, rental income from investment properties posted $106.6m (RMB89.4m). It had nine investment properties in Hong Kong and Mainland China, of which it had leased out properties in Harbin, Qingdao, and Chengdu.

The company so far has 3.3m sqm. total land bank and a planned total GFA of 9.5m sqm.

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