April 26, 2018 / 5:22 AM / 6 months ago

China Overseas Land's Q1 operating profit up 5.7 pct

HONG KONG, April 26 (Reuters) - State-owned property developer China Overseas Land & Investment Ltd said on Thursday its operating profit in the first quarter rose 5.7 percent from a year ago.

Operating profit for the Jan-March period was HK$8.24 billion ($1.05 billion), compared to HK$7.8 billion during the corresponding period last year.

“The group expects that China’s property industry will maintain steady development throughout the year,” it said in a statement.

China Vanke , the country’s second-biggest property developer by sales, reported on Wednesday a 22 percent rise in first-quarter core profit on solid revenue growth. ($1 = 7.8479 Hong Kong dollars) (Reporting by Clare Jim; Editing by Muralikumar Anantharaman)

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