China Overseas Land and Investment has revised its contracted sales target upwards for 2016, a few months after agreeing a deal to buy a portfolio of residential property assets from rival state-owned developer Citic Limited.

Net revenue at Coli rose by 21 per cent year-on-year to HK$74.7bn, and the company also noted it was in a net cash position for the first time in over a decade.

Property sales revenue for the six months ended June grew 22.8 per cent year-on-year to HK$76.81bn, pushing profit for the segment to HK$20.49 per cent, up 7.5 per cent for the period. Contracted sales were up 11.5 per cent from the same period last year at HK$95.3bn.

Chairman Hao Jianmin described the company’s performance as “satisfactory”, noting shareholder approval of a property asset reshuffle with state-owned Citic Limited, “the completion of which will proceed after fulfillment of the remaining conditions precedent to the aforesaid acquisition.”

Mr Hao said the group had decided to revise its 2016 sales target upward by 17 per cent to HK$210bn based on the Citic deal and other developments.

Profit from changes in the value of investment properties rose 48.5 per cent year-on-year to HK$5.3bn, with post-tax profit rising 20.9 per cent to HK$20.2bn.

Earnings per share came to HK$2, up 5.3 per cent year-on-year but just shy of analyst estimates of HK$2.02. Coli declared a dividend of HK$0.35 per share for the period, up from HK$0.20 for the same period in 2015.

Hong Kong-listed shares in the company were trading down 0.2 per cent in the afternoon after falling as much as 1.9 per cent in the morning session ahead of results.

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