Description
The Real Estate and Civil Infrastructure Businesses of CITIC Group represent a robust sector focused on the development and management of real estate assets. As of 2008, the total assets in this domain reached an impressive RMB91.2 billion, showcasing a remarkable year-on-year growth of 99.3%. However, the operating income saw a decline to RMB4.7 billion, reflecting a 12.7% decrease compared to the previous year, while profit before tax fell by 39.7% to RMB1.8 billion.
CITIC Real Estate Co., Ltd. has adapted to the evolving property landscape by refining its strategies. The company has concentrated its resources on key regions and cities, emphasizing effective cash flow management to enhance working capital recovery through strategic sales promotions. Investment plans and building designs have been overhauled to minimize construction area and capital expenditure, leading to the suspension of projects such as CITIC Guangda in Chengdu and other significant developments. Notably, the construction and sales of CITIC Town in Beijing, Mangrove Bay in Shenzhen, and Camph have also been strategically adjusted to align with current market conditions.
Specifications
| Attribute | Details |
|---|---|
| Total Assets | RMB91.2 billion |
| Operating Income | RMB4.7 billion |
| Profit Before Tax | RMB1.8 billion |
| Year | 2008 |
