Company Briefs: CapitaLand

CapitaLand

CapitaLand has won a prime mixed-use, 4.7ha site in Guangzhou, China, for 882 million yuan (S$175 million).

The property developer holds a 75 per cent stake in the development, with the remainder held by an unrelated third party.

The greenfield site in Huangpu district is located within Guangzhou Science City, a government-backed innovation and technology hub.

The gross floor area that will be built on the site totals 142,107 sq m, of which around 70 per cent will be dedicated to investment assets comprising office, retail space and serviced residences, while the rest will be developed into low-density strata offices.

The development is slated for completion by 2022.

Including two prime residential sites in Zengcheng district acquired in August, CapitaLand will have a diverse pipeline of multi-asset types in Guangzhou coming on-stream between 2021 and 2022.

This year, CapitaLand has divested close to $2 billion worth of assets in China, and made investments into new higher-yielding assets valued at $1.05 billion.

China Everbright Water

Singapore-listed China Everbright Water has posted a net profit of HK$144.3 million (S$25.4 million) in the third quarter, up 18 per cent from the same period a year earlier.

Revenue in the three months ended Sept 30 rose 39 per cent to HK$1.04 billion, on the back of a HK$227.76 million increase in construction revenue, HK$54 million rise in operation revenue and HK$8.62 million rise in finance income.

The higher construction revenue was due mainly to building of the Sponge City project and the water supply project.

The expansion and upgrading of several waste-water treatment plants, which were under construction during the third quarter, also helped lift the top line.

The higher operation revenue was the result of the commencement of operation of new projects over the 12 months to Sept 30, as well as tariff hikes for several projects effected over the same period.

Earnings per share were HK$0.054, up from HK$0.047 in the third quarter last year. Net asset value per share was HK$2.96 as of Sept 30, down from HK$2.99 as of Dec 31 last year.

In the nine months to Sept 30, China Everbright Water's net profit rose 36 per cent to HK$515 million on a 42 per cent rise in revenue to HK$3.4 billion.

A version of this article appeared in the print edition of The Straits Times on November 13, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe