(Yicai Global) March 26 -- Chinese real estate developer and manager Soho China has reported a 30.8 percent decline in net profit for last year in its latest financial report, which furnished no information on a reported privatization plan that pushed its share price to a near two-year high.
The Beijing-based firm pocketed CNY1.3 billion (USD183 million) in 2019 with declining occupancy rates harming its earnings, it said in the report published yesterday. Operating revenue climbed 11 percent to CNY1.8 billion while occupancy rates in seven of its eight properties fell.
Soho admitted on March 11 that it was in talks with overseas financial investors about a possible strategic cooperation but is yet to confirm a Reuters report the previous day, which said Blackstone Group would take Soho private for USD4 billion.
The firm's market cap was HKD18.7 billion (USD2.4 billion) when the market closed today, after investors ignored the profit dip and bought into the de-listing plans to kick its share price up 3.45 percent to HKD3.60 (46 US cents).
Editor: James Boynton