Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(incorporated in Hong Kong with limited liability)

(Stock Code: 688)

FINANCIAL AND BUSINESS REVIEW

FOR THE THIRD QUARTER OF 2019

The following description provides certain unaudited financial data relating to the performance of China Overseas Land & Investment Limited (the "Company") and its subsidiaries (collectively referred to as the "Group") in the third quarter of 2019 and also the business review and prospect of the Group.

Financial Performance

For the nine months ended 30 September 2019, the revenue of the Group's operations was HK$121.95 billion, representing an increase of 9.9% comparing with the same period in last year, while the operating profit was HK$44.03 billion. Based on the unaudited interim results announcement published on 22 August 2019, the revenue and operating profit of the Group for the third quarter of 2019 was HK$28.57 billion and HK$7.42 billion respectively.

The Group, together with its joint ventures and associates, secured contracted property sales amounting to HK$290.22 billion for the nine months ended 30 September 2019, representing an increase of 28.2% comparing with the same period in last year. The Group will strive to meet the annual sales target of not less than HK$350.0 billion.

Financial Position

At 30 September 2019, the Group's bank balances and cash amounted to HK$99.98 billion while the net gearing was 39.1%. With the Group's stable finances and adequate cash reserves, it is still well positioned to seize opportunities in the market.

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Business Review and Prospects

The global political and economic patterns enter a period of high uncertainty and the cycle of global economic fluctuations becomes ever shorter. Recently, although China and the United States have reached agreement on "phase one" of trade war deal, however, there are still uncertainties in the lead up of a comprehensive trade agreement. Together with the increase in two-way fluctuations in Renminbi exchange rates, downward pressure on China's economy still exists. The Group believes that with the strong resilience of the China's economy and the presence of strong endogenous growth drivers, economic growth will remain within a reasonable range. The effect of the mainland's financial policies on the continued tightening of the real estate industry remains to be seen. The Group believes that in the current policy environment, the mainland real estate market will maintain long-term healthy and steady development. In addition, with the recent downturn in the overall economy of Hong Kong, the sales volume of the property market is expected to be affected in the short term. In the long run, the Group is full of confidence in the Hong Kong property market. The Group will respond to uncertainties in the external environment with a determined strategy, executed effectively, and to realise faster-than-average growth to consistently and efficiently return to our shareholders.

During the third quarter of 2019, the Group acquired 16 land parcels in 10 mainland cities and in Hong Kong at an aggregated attributable land premium of HK$37.51 billion, adding a total gross floor area of 3.96 million sq m (attributable interest of 3.85 million sq m).

General

This announcement may contain forward-looking statements that involve risks and uncertainties. The shareholders of the Company and potential investors should not place undue reliance on these forward-looking statements, which reflect only our belief as of the date of these statements. These forward-looking statements are based on the Group's own information and on information from other sources we believe to be reliable. The Group's actual results may be materially different from those expressed or implied by these forward-looking statements, which could affect the market price of the Company's share.

The shareholders of the Company and potential investors should note that all the figures contained herein are unaudited. Accordingly, figures and discussions contained in this announcement should in no way be regarded as to provide any indication or assurance on the financial results of the Group for the nine months ended 30 September 2019.

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The shareholders of the Company and potential investors are urged to exercise caution in dealing in the securities of the Company and are recommended to consult their own professional advisers if they are in doubt as to their investment positions.

By order of the Board

China Overseas Land & Investment Limited

Yan Jianguo

Chairman and Chief Executive Officer

Hong Kong, 23 October 2019

As at the date of this announcement, Mr. Yan Jianguo (Chairman and Chief Executive Officer), Mr. Luo Liang and Mr. Guo Guanghui are the executive directors; Mr. Chang Ying is the non-executive director; and Mr. Lam Kwong Siu, Dr. Fan Hsu Lai Tai, Rita and Mr. Li Man Bun, Brian David are the independent non-executive directors of the Company.

The review for third quarter 2019 is published on the Company's website (http://www.coli.com.hk) and the website of The Stock Exchange of Hong Kong Limited (http://www.hkexnews.hk).

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China Overseas Land & Investment Limited published this content on 23 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 October 2019 04:19:07 UTC