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China Evergrande projects higher YOY attributable profit in FY'17

Based on a preliminary review of China Evergrande Group's unaudited consolidated management accounts, its board expects to log a 4x to 5x higher profit attributable to shareholders for the year ended Dec. 31, 2017, as compared to the prior year.

Year over year, net profit from the core business in 2017 is projected to be approximately 2x higher than in the year ended Dec. 31, 2016.

The increase is in light of upgrades in product quality and product added value, lower expenses, a rise in the floor area of properties delivered, and the redemption of perpetual capital instruments during the period, the company said in a release.

The Hong Kong-listed real estate developer is in the process of finalizing its results for 2017 and expects to publish them in late March.