Longfor Properties net profit up 38 pct in 2017

BEIJING, March 25 (Xinhua) -- Longfor Properties Co. Ltd., a leading property developer in China, has announced its net profit increased by nearly 38 percent to 12.6 billion yuan (2 billion U.S. dollars) in 2017 due to higher property sales.

Contracted sales in 2017 rose by 77 percent year on year to 156.08 billion yuan as the company capitalized on the market opportunity of rising volume and stable prices.

In terms of the regional breakdown, contracted sales generated from the Pan Bohai Rim, Yangtze River Delta, western China, southern China and central China regions accounted for 32.2 percent, 31.8 percent, 23.5 percent, 10.7 percent and 1.8 percent of the Group's total contracted sales in 2017, respectively.

The Group adhered to a proactive and prudent investment direction as it actively mapped out plans to adapt to a rapid shortening of physical distances between metropolitan circles and development of city clusters.

During the year, the Group successfully acquired 76 plots at a reasonable cost, entered seven new cities, covering first-tier cities such as Shenzhen, Hong Kong and key cities surrounding metropolitan circles, such as Hefei, Baoding, Fuzhou, Jiaxing and Zhuhai.

Longfor Properties is a leading property developer engaged in businesses such as property development, commercial operation, property services, and long-term rental apartments. Its business spans 36 cities throughout China currently. Enditem