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China Evergrande 2016 core profit surges 89 pct amid property boom
March 28, 2017 / 9:01 AM / 6 months ago

China Evergrande 2016 core profit surges 89 pct amid property boom

HONG KONG, March 28 (Reuters) - China Evergrande Group , the nation’s biggest property developer by sales value, on Tuesday reported an 89 percent rise in 2016 core profit due to a booming real estate market that saw a strong increase in sales prices and volumes.

Core profit, which excludes revaluation gains, was 20.81 billion yuan ($3.02 billion).

Net profit rose 1.6 percent to 17.62 billion yuan. Perpetual capital instruments - high-interest debt “disguised” as equity - rose 49 percent to 112.9 billion yuan.

Evergrande shares were up 2.9 percent ahead of the results compared with a 0.6 percent gain in the broader Hong Kong market . ($1 = 6.8834 Chinese yuan renminbi) (Reporting by Clare Jim; Editing by Anne Marie Roantree and Christopher Cushing)

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