Cash Balance of EVERGRANDE GROUP Reaches 64.03 Billion Yuan, Ranks No.1 in China; HuiKa Yan Announces Multiple Business Strategies

BEIJING, Aug. 26, 2014 /PRNewswire/ -- On August 26th, The 2014 Midyear Achievement Announcement of EVERGRANDE GROUP was held at the Shangri La Hotel on Hong Kong Island, Hong Kong. The Group Chairman HuiKa Yan made a public announcement to the world: the EVERGRANDE GROUP will stand firmly to implement its multiple businesses strategies. An original report by Sina Leju follows:

He said that EVERGRANDE GROUP will stand firm to implement its multiple business strategies, which are announced to the public for the first time after long term and prudent investigation and survey. "After special research, we found that most of the World Top 500 Giant Enterprises would select multiple businesses strategies after they have developed to a certain size. As far as the size, team and brand of the Group are concerned, we will lose lots of development opportunities if we fail to implement multiple business strategies. Now, the Group has formally entered the strategic stage of "Multi + Size + Brand."

What are the new industries which the Group will enter? When will the Group enter these industries? HuiKa Yan said that that depends on market potentials. They may be modern agriculture, dairy industry and stockbreeding, or maybe new products like EVERGRANDE grain and oil product, and EVERGRANDE baby milk powder will appear soon. For the first time, He revealed to the public, "the Group will take a seat in the World Top 500 Giant Enterprises next year. In terms of the main indexes such as sales amount (which are essential for appraisal of the World Top 500 Giant Enterprises), we are confident to reach that."

Behind the new strategies, the achievement of multiple businesses had a big growth when compared with the same period of the last year, taking a lead in the industry. The mid-year data shows that, in the upper half of 2014, sales amount of the Group reached 69.32 billion yuan, a growth of 55.4 percent when compared with the same period of last year; with a net profit of 9.49 billion yuan, nearly double that of 4.81 billion yuan of WANKE Group; its total assets reached 421.65 billion yuan, a growth of 53.6 percent when compared with the same period of last year; as of June 30, the cash balance reached 64.03 billion yuan, a growth of 52.6 percent when compared with the same period of last year.

In addition, the other core indexes of the Group also witnessed a big growth when compared with the same period of 2013. By the end of June, the Group has completed 110 billion yuan, i.e. 63 percent of the annual goal, ranking top among real estate enterprises in China. The industry generally predicted that the last half year will see a warmer market. The Group may become the first real estate enterprise which fulfills the annual goal.

The fair achievement of the Group is due a lot to its size. As of June 30, the Group has 303 large projects in 147 cities in China, boasting a giant taking a lead in the industry in China. With the rapid growth of city expansion in China, there are growing demands for houses, and the Group has strived to provide houses of high quality and moderate prices to meet such demands, thus winning a return of increasingly growing achievement.

In addition, the cash balance of the Group is more than 64 billion yuan; the accumulated paid-in land payment has reached 175.26 billion yuan, showing strong financial strength. Steady and prudent financial policies have laid a solid foundation for the Group's further development in the real estate industry, and give guarantee for expanding its multiple strategies.

SOURCE Sina Leju