Sunac posts big 2018 revenue increase

Real estate developer Sunac China Holdings Ltd announced a surge in revenue in 2018 on Friday, despite an overall drop of property sales in the year.

Sunac's total revenue hit 124.75 billion yuan, up 89.4 percent year-on-year. The company has seen revenue exceeding 10 billion yuan in 16 cities, with Chongqing and Qingdao topping the list.

Gross profit margin continued its growth and reached 25 percent, up 4.3 percentage points. Sunac's gross profit margin was 33.5 percent before amortization.

According to Sunac, the company will have 605.2 billion yuan in new properties for sale in 2019. Among all Sunac's salable properties this year, which are worth 783.4 billion, about 84 percent of them are in first- and second-tier cities.