Property

Evergrande Increased 2015 Sales Target by 20% to 180 Billion Yuan

GUANGZHOU, China, Nov. 11, 2015 /PRNewswire/ -- On November 10, Evergrande Real Estate (HK.3333) announced that it would increase its 2015 sales target to 180 billion yuan, representing a 20% increase compared to the original target of 150 billion yuan, and a significant increase of 37% compared to the actual sales amount of 131.5 billion yuan in 2014. An original report from Sina Leju follows:

In the evening of the same day, Evergrande released another announcement regarding its buy-back of 108 million shares with a total value of approximately 690 million HKD, with the buy-back price of each share ranging from 6.16 to 6.51 HKD.

Evergrande has been continuously buying back its shares recently. The announcement also shows that since October 20, it has bought back a total of approximately 381 million shares.

Evergrande has realized sales of 154.53 billion yuan in the first ten month of this year, with a year-on-year increase of 44%, and an increase of 17.5% compared to the full-year figure of 2014, fulfilling 103% of the 150 billion yuan target set at the beginning of the year, which makes it the first real estate company to overfulfill the annual target ahead of schedule this year.

Evergrande's previous performance data shows that it has overfulfilled its target every year.

There should be no doubt that Evergrande will fulfill the 180 billion yuan target, with a 37% increase compared to the full-year figure of last year. Hopefully, its sales will reach 200 billion yuan, with an annual increase of 52%.

From 2009 to 2014, there has been an average growth of 30% in Evergrande's KPIs, with its sales amount increasing from 30.3 billion yuan to 131.5 billion yuan, turnover increasing from 5.7 billion yuan to 111.4 billion yuan, net profit increasing from 1.12 billion yuan to 18.02 billion yuan, and profit from core business increasing from 0.29 billion yuan to 12.04 billion yuan.

Despite the industry differentiation and increasing competition, Evergrande manages to maintain continuous growth in its performance by virtue of a number of advantages such as great product quality, strong cost control, accurate product positioning, and large-scale quick development.