BRIEF: Coastal Greenland sales drop to zero this year

Property developer Coastal Greenland Ltd. (1124.HK) announced on Friday it generated just HK$1.6 million($205,600) in revenue in the six months through September, down 20% year-on-year, while its loss narrowed by 95% to HK$36.9 million from a loss of HK$794 million over the same period.

Coastal Greenland develops residential properties targeted at middle- to upper-class buyers in China. The company said it has slowed down its development significantly in the current sluggish market and, as a result, did not record any contracted sales during the six-month period, the first half of its fiscal year. Instead, most of its income came from rentals. The company added it is considering selling some of its investment properties.

Coastal Greenland’s net borrowings at the end of September totaled HK$450 million, with its gearing ratio rising by 2.3 percentage points to 35.5% compared with six months earlier.

By Lau Chi Hang

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