Silver City International: Net profit fell by 80percent in the first half of the year

category:Finance
 Silver City International: Net profit fell by 80percent in the first half of the year


According to the latest sales data released by Yincheng International, in the first seven months of this year, the company achieved 8.712 billion yuan, 43.56% of the sales target of 20 billion yuan this year; in the period, the sales area was 565,000 square meters, with an average selling price of 15,431 yuan per square meter; in the first six months, the company achieved sales of 7.899 billion yuan, 39.49% of the target, and achieved sales. It covers an area of 513,000 square meters with an average sales price of 15398 yuan per square meter.

Yincheng International is controlled by Huang Qingping, a businessman from Jiangsu Province, and originated in Nanjing, Jiangsu Province. Its predecessor is Nanjing Yincheng Real Estate Development Corporation. It entered the real estate development in 1996. By 2018, the Nanjing market still contributed more than half of the sales of Yincheng International, accounting for 52.7%. Wuxi, Suzhou and Zhenjiang, which belong to the same provincial cities, are respectively. It contributed 27.0%, 8.2% and 8.3%.

On March 6, 2019, Yincheng International was listed on the main board of the Hong Kong Stock Exchange. It was the smallest domestic real estate company to go to Hong Kong for listing in the year, but it also broke out on the first day of listing.

The real estate company, which still relies on the Jiangsu market, has set a target of rapid growth, reaching a sales target of 20 billion yuan this year and reaching 50 billion yuan in the next three to five years.

To achieve this goal, Yincheng International, in its annual report of 2018, said that it would strategically expand the scale of other cities in the Yangtze River Delta while continuing to concentrate on the Nanjing market in the future.

Starting in 2018, it should expand outward. In 2018, the company acquired 15 new lands, covering a total area of 108.01 million square meters, with a planned construction area of 28497 million square meters. Among them, Hangzhou, Xuzhou, Zhenjiang and Hefei and Maanshan, Anhui Province, were new entrants.

In 2019, Yincheng International not only expanded in the open land market, but also began to focus on the acquisition and acquisition market. On July 11, Silver City International announced that it would buy 19 companies with financial difficulties at a cost of 2.43 billion yuan.

This transaction will enable Yincheng International to acquire the main assets of Zhejiang Linan Zhongdu Real Estate Co., Ltd., namely the land and buildings in Linan Zhongdu, Hangzhou, Zhejiang Province. The land is still under construction and development for nearly one million square meters, mainly including residential property. Among them, Linan Zhongdu Land is located in Yucun and Nishanwan Village, Jincheng Street, Linan District, Hangzhou City, Zhejiang Province, with a total area of 966,200 square meters and a total building area of 629,600 square meters. Hubin Hotel Company is mainly engaged in hotel business development and management. It is located in Jincheng Street, Linan District, Zhejiang Province. It covers an area of 405,000 square meters and has 242 rooms. Its main assets include the land for the construction of the Qingshan Lake Hotel in Zhongdu, Hangzhou, and the buildings and fixtures of the Qingshan Lake Hotel in Zhongdu, Hangzhou. Source: Liu Song_NBJ9949

This transaction will enable Yincheng International to acquire the main assets of Zhejiang Linan Zhongdu Real Estate Co., Ltd., namely the land and buildings in Linan Zhongdu, Hangzhou, Zhejiang Province. The land is still under construction and development for nearly one million square meters, mainly including residential property.

Among them, Linan Zhongdu Land is located in Yucun and Nishanwan Village, Jincheng Street, Linan District, Hangzhou City, Zhejiang Province, with a total area of 966,200 square meters and a total building area of 629,600 square meters.

Hubin Hotel Company is mainly engaged in hotel business development and management. It is located in Jincheng Street, Linan District, Zhejiang Province. It covers an area of 405,000 square meters and has 242 rooms. Its main assets include the land for the construction of the Qingshan Lake Hotel in Zhongdu, Hangzhou, and the buildings and fixtures of the Qingshan Lake Hotel in Zhongdu, Hangzhou.