October 12, 2018 / 5:17 AM / 7 months ago

China's Greenland Holdings eyes 25 pct sales growth from property in 2019

HONG KONG, Oct 12 (Reuters) - State-backed Greenland Holdings said on Friday that its property business was targeting more than 500 billion yuan ($72.44 billion) in sales over each of the next three years, about 25 percent above its aim for 2018.

The Chinese company targets to bring in over 400 billion yuan in sales from its property business this year, versus 306.5 billion yuan in 2017.

The sixth-largest property developer by sales in China also laid out a new strategy to reorganize three business groups outside property - namely big infrastructure, commerce and trade, as well as hotel tourism.

The reorganisation will help the company keep pace with the changing economic structure of the country, from fast growth to quality development, Greenland said in a statement.

The company currently gets almost half its income from construction business. Its net profit in the first six months grew 30 percent to 6.1 billion yuan, while operating income grew 25 percent to 158 billion yuan. ($1 = 6.9019 Chinese yuan) (Reporting by Clare Jim; Editing by Himani Sarkar)

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