C C Land Holdings 1224

C C Land Holdings 1224

Postby LenaHuat » Sat Sep 11, 2010 3:28 pm

It's ChongQing after all :D
9 September 2010 - Hong Kong) C C Land Holdings Limited ("C C Land" or the "Company", together with its subsidiaries, collectively known as the "Group"; stock code: 1224) is pleased to announce today that its office project - 9 Central Midtown, from our core land bank in Yubei District, Chongqing, which is located at one of the most prime areas within the Liangjiang New Area, received overwhelming response to its grand sales launch on 5 September 2010. All units were sold out within three hours of launch.

9 Central Midtown is a high-end SOHO building project. Capitalizing on its superior geographical location and project quality, all 600 units with a gross floor area ("GFA") of 30,528 sqm spanning 25 storeys were sold out within three hours on the launch day. Subscription sales reached RMB333 million with an average selling price of about RMB11,185 per sqm GFA. The tremendous sales performance reiterated the Group's competitiveness in the Chongqing commercial real estate market.
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Re: C C Land Holdings 1224

Postby winston » Mon Nov 01, 2010 11:13 am

Not vested. From Phillips:-

The sales volume is lower than the expectation.
This round of regulation on the real estate sector is longer than the expectation and stricter measures are adopted.

At present, the reason for a high stock price of C.C. Land is that the Company has increased greatly its revenue and gross profit margin from 2011 to 2012.

According to our expectation, the net profit from 2010 to 2011 will reach hopefully HKD85million and HKD450million, but the performance visibility for 2012 is limited.

According to the evaluation of regional real estate developers, we think that C.C. Land is still overvalued and our 12-month target price is HKD2.6. We give it a “Hold” rating.
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