CHINA OVERSEAS(00688)2022-10-24 04:08Financial Performance - In Q3 2022, the group achieved a contract property sales amount of RMB 201.3 billion, a year-on-year decrease of 26.9%[3] - The group's revenue for Q3 2022 was RMB 17.52 billion, with an operating profit of RMB 1.80 billion after excluding fair value changes of investment properties and foreign exchange gains and losses[4] - The group reported a total revenue of RMB 121.31 billion for the first nine months of 2022, with an operating profit of RMB 25.81 billion after adjustments[4] Cash and Debt Management - As of September 30, 2022, the group's cash and bank balances amounted to RMB 119.35 billion, with a net gearing ratio of 43.7%[4] - The group emphasizes a stable financial position with one of the lowest debt ratios in the industry[4] Land Acquisition and Investment Strategy - The group acquired 10 new land parcels in 7 cities in mainland China during Q3 2022, with a total floor area of 1.95 million square meters and a total land cost of RMB 32.2 billion[3] - The group plans to continue its investment strategy focused on "mainstream cities, mainstream locations, and mainstream products" to enhance sales efficiency and reduce costs[3] Market Outlook - Despite a decline in domestic property sales, the group remains cautiously optimistic about the recovery of the mainland real estate market[2] - The group maintains confidence in the Hong Kong economy and property market, despite short-term volatility[2] - The group acknowledges the impact of global inflation, interest rate hikes, and geopolitical tensions on economic uncertainty[2]