Soho China says China has 'serious oversupply' in shopping malls, hotels

SOHO China

22/08/2017 08:55

HONG KONG, Aug 22 (Reuters) - Soho China Ltd  0410.HK , a 
commercial property developer, said China has a serious 
oversupply in shopping malls and hotels with the time ripe to 
sell assets in the country. 
    Company Chairman Pan Shiyi spoke of the oversupply problems 
in China without giving any specific figures. 
    Sharon Tong, the company's chief financial officer, said it 
was a good time to sell assets in China due to low rate of 
returns based on rental income and high values.  
    The company is in the process of selling two buildings and 
just completed selling a building in Shanghai in June.   
    Soho China reported earlier on Tuesday a 565 percent rise in 
net profit to 3.98 billion yuan ($597.91 million), due to higher 
valuation gains on investment properties. 
 ($1 = 6.6565 Chinese yuan renminbi) 
 
 (Reporting by Clare Jim; Editing by Himani Sarkar) 
 ((clare.jim@thomsonreuters.com; +852 2912 6653; Reuters 
Messaging: clare.jim.thomsonreuters.com@reuters.net)) 
 
Keywords: SOHO CHINA RESULTS/