DaFa Properties Announces 2020 Interim Results
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DaFa Properties 2020 Interim Financial Highlights
(For the six months ended 30 June 2020)
– Contracted sales were approximately RMB 11,208 million, a significant year-on-year increase of approximately 58%;
– The contracted sales area was about 800,793 square meters, a year-on-year increase of approximately 36%;
– Total assets are approximately RMB335,67 million, a year-on-year increase of approximately 21%;
– Declares an interim dividend of RMB3.4 cents per share for the six months ended 30 June 2020
In the first half of 2020, DaFa Properties achieved sustainable growth, performed excellently in multiple dimensions including contracted sales, land reserves, capital, and the financial structure, etc., indicating araised speed and efficiency for high-quality growth. The Group has been intensively penetrating the real estate market in the Yangtze River Delta Region. During the Reporting Period, the Group recorded accumulated contracted sales of approximately RMB11,208 million, a significant year-on-year increase of approximately 58%, the accumulated contracted GFA of the Group recorded a strong growth of approximately 36% to 800,793 sq.m. and the contracted average selling price was approximately RMB13,996 per sq.m, increased by approximately 16% over the same period of last year. Among them, contracted sales in the Yangtze River Delta accounted for 86% and the contracted sales area accounted for 77%.
With Abundant Capital and Stable Financial Position, the Asset Scale was Further Increased
During the Reporting Period, DaFa Properties recorded revenue of approximately RMB3.472 billion, the gross profit was approximately RMB698 million. The Group’s assets scale has further increased, with total assets increasing by approximately 21% year-on-year to approximately RMB335,67 million. During the Reporting Period, total cash and bank balances (including restricted cash and pledged deposits) of the Group was approximately RMB5,793.1 million, representing a year-on-year increase of approximately 23% with abundant capital. The net gearing ratio of the Group has further decreased to 71.7%, showing that the debt reduction measure was significant, and the financial structure was stable.
Planting Roots in Core Areas in the Yangtze River Delta, Continue to Expand the National Market
In the first half of 2020, Dafa Properties acquired 16 new land parcels in Suzhou, Changzhou, Wenzhou, Ningbo, Nantong, Nanjing, Wuxi, Wuhu, etc. While selectively penetrating its business into the five major urban clusters of Chengyu, central China, western China, Bohai Rim, and Guangdong-Hong Kong-Macao Greater Bay Area, the Company further specified the “1+5+X” layout system, continued to expand the national footprint. The Company currently has 82 projects under development and completed, 70 of which are located in the Yangtze River Delta Region. The total construction area of new land reserves accounts for 73% of the Yangtze River Delta region.
Improvement in Credit Indicators, and Gained Continuous Attention from the Capital Market
DaFa Properties has been committed to maintaining a healthy financial and capital structure. In May this year, Moody’s, a top international rating agency, reiterated the corporate credit rating of B2 for the Company, with a stable outlook. Also, in its property industry research report, Essence International maintained a “Buy” rating on DaFa Properties and offered a new target price of HK$5.50, indicating that the Company has been continuously concerned and recognized by the capital market. Besides, the Group has always attached great importance to brand building. In the first half of the year, Dafa Properties successively won several awards in different fields, such as the “Stable Operation Enterprise Award”, “2020 Top 100 Listed Property Developers in China”, “2020 Top 10 Listed Property Developers in China by Risk Control Capability”, and “10th International Space Design Award Idea-Tops”.
Mr. GE Yiyang, Chairman of DaFa Properties said: “Looking forward to the second half of 2020, there are many uncertainties and challenges in the PRC and even global economic prospects. DaFa Properties will remain prudent and continue to develop its business with national policies as guidance. Meanwhile, it will plant roots in important target areas and carry out strategic expansion to further enlarge land reserves and increase contracted sales. This year, DaFa Properties will continue to explore more possibilities of online marketing channels to supplement the limitations of traditional offline marketing and drive business growth through smart and innovative marketing.
As a “pleasant living service provider”, the Group has always valued brand building and provided its customers with excellent product quality and life experience through a continuous upgrade of the brand concept. Also, we have been expanding diversified financing channels at home and abroad, optimizing the financial structure, assuming social responsibility, and continuously creating value for shareholders. DaFa Properties will constantly increase in both velocity and efficiency, maintain comprehensive competitiveness, and obtain steady growth.”
About DaFa Properties Group Limited
DaFa Properties Group Limited (DaFa Properties), incorporated in 1996 and headquartered in Shanghai, is a real estate developer specializing in developing and selling residential properties mainly in the Yangtze River Delta Region. The Group has vigorously practiced the brand positioning of “Design for Life” and upheld the business philosophy of “Integrity, Innovation, Pursuing Excellence” for years, and provided customers with quality properties and creating specific living scenarios through high-quality real estate properties. As of 30 June 2020, the Group, together with its joint ventures and associates, had 82 projects under construction and completed in total, of which 70 are based in the Yangtze River Delta Region. As a “pleasant living service provider”, DaFa Properties has built its sound reputation, thanks to its 24 years of extensive industry experience, outstanding product quality, and product portfolios. It will continue to unremittingly dedicate itself to build better city life, improve living quality, and raise residential experience standards.
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