KERRY PPT(HK:00683) Xin Lang Cai Jing·2025-11-03 01:05Core Viewpoint - Kerry Properties Limited has signed an agreement to purchase a luxury property in Shanghai for approximately 116.8 million yuan (about 127.7 million HKD), indicating strong demand in the high-end real estate market despite mixed performance in other cities [1][2]. Group 1: Property Acquisition - The chairman and CEO of Kerry Properties, Guo Konghua, signed an agreement on October 31 to purchase a 449 square meter four-bedroom unit in the Huangpu District of Shanghai for about 116.8 million yuan [1]. - The property is currently under construction and is part of the Jinling Huating project, which is in the pre-sale stage [1]. - Upon completion of the transaction, Kerry Properties expects to gain approximately 23 million yuan in profit, calculated after deducting estimated land and development costs, direct sales costs, and other related expenses and taxes [1]. Group 2: Financial Performance - In the first half of 2025, Kerry Properties reported a 65% increase in revenue to 9.954 billion yuan, while profit declined by 22% [2]. - Property sales revenue surged 1.76 times to 6.42 billion yuan, while rental and other income fell by 6% to about 2.5 billion yuan [2]. - The company recorded a significant increase in contract sales in mainland China, reaching 10.644 billion HKD, driven primarily by the pre-sale of the Jinling Huating project [2]. Group 3: Market Trends - The first phase of Jinling Huating launched 158 units, achieving sales of 9.234 billion yuan within three hours, setting records for total sales, average price, and unit price in Shanghai for the first quarter of 2025 [2]. - The second phase of Jinling Huating released 120 larger units, with average prices reaching 205,000 yuan per square meter, and a top-floor unit sold for over 28.2 million yuan, setting a new record for new home prices in Shanghai [3]. - Kerry Properties acquired land use rights for the Jinling Road project for a total of 8.783 billion yuan in June 2023, following a previous acquisition of four plots for 13.329 billion yuan in January 2022 [3].