Zhangjiang Hi-tech 1H net profit up 54% on 150% revenue growth

Shanghai Zhangjiang Hi-tech Park (600895.SH) said Thursday its first-half net profit jumped 53.84% to US$35.95 million (RMB245.57 million) on US$128.48 million (RMB877.76 million) in operating revenue, up 150% year-on-year, the Oriental Morning Post reported. It collected US$79.31 million (RMB541.81 million) from property sales in the first half, up 631% year-on-year, and collected US$27.09 million (RMB185.07 million) from leasing properties, up 57% year-on-year. Zhangjiang plans to hold two million properties three years from now. Industry experts say the company is shifting from a real estate developer to an operator despite its development section still representing over 50% of its total revenues. Earnings from hi-tech park services account for around 33%.