Mainland property developers Shimao Property Holdings and Greentown China Holdings said strong sales had boosted cash flow this year after reporting a sharp fall in profits last year.
Shimao said it had revenue of 6.6 billion yuan (HK$7.49 billion) from property sales in the first four months, while Greentown raised 2.5 billion yuan in the first quarter.
Separately, Greentown reported net profit fell 41.49 per cent to 540.29 million yuan on lower profit margins. No final dividend was proposed. Turnover rose 15.7 per cent to 6.64 billion yuan.
Greentown has a gearing ratio of 140% and 16.1 billion yuan of debt, of which 6.6 billion yuan is repayable this year.
South China Morning Post