Greenland's First-Half Profit Jumps 17% on Diversification Away From Property Development
Yicai Global
/SOURCE : Yicai
Greenland's First-Half Profit Jumps 17% on Diversification Away From Property Development

(Yicai Global) July 19 -- Greenland Holding Group Co. [SHA:600606] had an almost 17 percent gain in first-half profit as China's second-largest real-estate company diversifies away from commercial property development.

Net income was CNY4.59 billion (USD685 million) for the six months through June, or earnings per share of CNY0.38, compared with the year-earlier period, the Shanghai-based company said in a statement yesterday. Revenue jumped nearly 26 percent to CNY108.15 billion.

Chairman Zhang Yuliang is making efforts to create new sources of growth for Greenland, which has accelerated expansion into non-property business including finance and consumer-orientated sectors such as cross-border e-commerce. Other developers including Wanda Group Co. and Evergrande Real Estate Group are also branching out.

Greenland has played a part in the USD9.4 billion take-private deal of Qihoo 360 Technology Co., a Chinese Internet security company that plans to list on China's A-share market next year after it yesterday delisted from the New York Stock Exchange.

Greenland has also invested in WeWork Companies Inc., a closely held operator of shared office space, and took a hand in the financial restructuring of China Minmetals Corp., among other projects.

Earlier this month, Greenland said it had opened a platform for global startups in Shanghai. Greenland Maker Space has attracted key partners including Hangzhou-based East Software Park, the high-tech park home to Alibaba Group Holding Ltd., Regus Plc, the world's biggest provider of flexible workspace solutions, and Feimalv, China's leading startup incubator. They plan to help startups, as well as manage and invest in high-tech parks.

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