Chinese property management companies are rallying in Hong Kong, with Country Garden Services surging more than 16%, Shimao Services up 7.7% and A-living Smart City Services up more than 6%.
Country Garden Services said that its board of directors believes its shares have been trading at a price level which does not fully reflect its intrinsic value and intends to repurchase no more than 337 million shares, representing 10% of the total number of issued shares of the company, in the open market.
In addition, the company said it’s expected report an unaudited net profit of about 2.32 – 2.58 billion yuan for the six months ended 30 June, and unaudited core net profit attributable to the shareholders of about 2.6 – 2.89 billion yuan, compared to 2.576 billion yuan and 2.891 billion yuan a year earlier.
