CHINA OVERSEAS(HK:00688)2023-10-25 04:06Financial Performance - In Q3 2023, the group achieved contract property sales amounting to RMB 239.03 billion, representing an 18.7% year-on-year increase, with a sold floor area of 10.33 million square meters, up 11.9% year-on-year[3] - The group's revenue for Q3 2023 was RMB 28.25 billion, with an operating profit of RMB 3.53 billion[4] - For the first nine months of 2023, the group's revenue reached RMB 117.41 billion, and operating profit was RMB 22.60 billion, reflecting a 5.9% year-on-year increase excluding gains from equity acquisitions[4] Financial Position - As of September 30, 2023, the group's cash and bank balances stood at RMB 115.53 billion, with a net gearing ratio of 39.7%, indicating a strong financial position[4] Land Acquisition - In Q3 2023, the group acquired ten new land parcels in nine cities in mainland China and Hong Kong, adding a total floor area of 1.48 million square meters, with total land costs amounting to RMB 31.62 billion[3] Market Outlook - The group maintains confidence in the stabilization and improvement of the real estate market, supported by recent policy adjustments such as lowering down payment ratios and removing purchase restrictions[2] - The Hong Kong property market is expected to remain stable in the medium to long term, despite current high interest rates and a cautious market atmosphere[2] - The overall economic recovery in China is showing positive signs, although domestic demand still requires strengthening[2] Risk Management - The group is actively managing challenges and leveraging financial resources to seize market opportunities amid ongoing economic uncertainties[3] - The group emphasizes the importance of not overly relying on forward-looking statements due to inherent risks and uncertainties[5]