HONG KONG, Jan. 14, 2011 /PRNewswire-Asia/ -- China Water Property Group Limited (HKEx: 2349, the “Company” or “China Water Property”) is pleased to announce a Positive Profit Alert today that the Company is expected to record a substantial growth in the financial results for the year ended 31 December 2010, and is expected to achieve a turnaround result.
In the last financial year, China Water Property has achieved strong sales for its residential properties in the PRC, and thus contributes a large part to the Company’s earnings. The fair value gains on revaluation of investment properties of the Company in the PRC also attributes to the expected net profit.
Commenting on the Company’s development, Ms. Wang Wenxia, Vice Chairman of Water Property, said “Following the switch of core business from food products to property development, China Water Property has benefited from the market trend and recorded a significant growth. Looking forward, China Water Property will grasp every opportunity to expand its business, so as to diversify and enhance the Company’s income and maximize the shareholders’ return.”
About China Water Property
China Water Property Group Limited is publicly listed on the Hong Kong Stock Exchange (stock code: 2349). China Water Property Group Limited mainly operates property development projects in China. With the strong support from major shareholder and strategic partner China Water Affairs Group Ltd, the Company leverages her financial assistance and excellent rapport with relevant PRC local governments to pursue property development project in the second to third tier cities in the PRC.
