The Hong Kong-listed firm’s property business will not conflict with that of afflicted company Shui On Land Co, because SOC’s projects will be principally involved in small-sized and uncompleted properties. Wong added that SOC aims to withdraw from the cement business by the end of 2011, and it currently holds a 45% stake in Lafarge Shui On Cement, which contributed HK$63m or 12.2% of SOC’s net profit in the first half of this year.
SOC also targets RMB3bn of contracted sales revenue for 2010, and the revenue will include RMB1bn derived from sales in a villa project in Beijing and a commercial project in Chongqing, sources reported.
