China Growth Development Inc. is a Chinese commercial property developer, investor and operator of commercial property in Shanxi Provence, China. The company recently reported its 2009 second-quarter financials, posting an increase in revenue and net income.
For the second quarter ended June 30, 2009, China Growth reported revenue at $4.18 million, up 12 percent from the $3.74 million reported for the second quarter of 2008. The company attributes the boost to expansion of shopping malls and initialization of their operations, as well as to deferred payments from commercial tenants.
Sam Liu, COO of China Growth, said the positive results reflect the companyâ€™s ability to execute expansion efforts.
â€œWe are pleased at our progress and ability to deliver solid results this quarter,” Liu stated in the press release. â€œOur expansion projects have lead the way to increased revenue, and that is a perfect example of our growth strategy succeeding. We are focused on continuing that strategy of growth via expansion, development, and acquisition throughout the third and fourth quarters of 2009.â€
Net income for the second quarter of 2009 rose 70 percent to $1.66 million as compared to $979,165 reported in the same period of 2008. Net income attributable to the common stockholders was $1.03 million, compared to $608,754 year-over-year.
The company also gave guidance for 2009-2010, forecasting continued growth and expansion of its commercial real estate business. As it has achieved cash-flow status, the company anticipates the acquisition of two more shopping centers within the next three years.