Taichung-based Full Wang International Development Co (富旺國際開發) reported that revenue for last month surged to NT$1.04 billion (US$36.5 million), thanks to the sale of an industrial property in Taoyuan and profit recognition from a new housing complex in central Taiwan.
The figure represented a spike of 5.73 times that of November and a threefold increase from a year earlier, the company said in a statement on Monday.
The land in Taoyuan generated NT$910 million in revenue, while a recently completed apartment complex contributed the remaining sum, it said.
Photo: Lin Mei-feng, Taipei Times
For the whole of last year, combined revenue totaled NT$3.2 billion, nearly doubling the level in 2019, Full Wang said.
Sales of residential properties and industrial plots accounted for 74 and 25 percent of the company’s revenue respectively, Full Wang told an investors’ conference last month.
Tightening credit controls would not have a significant effect on the company’s earnings ability this year, because it acquired sufficient land to build new properties for the next four years, Full Wang chairman Lin Cheng-hsiung (林正雄) said.
The central bank last month capped loan-to-value ratios at 55 to 65 percent, from 80 percent generally, for multiple home owners and corporate owners, as well as for unsold homes and land financing.
Future property development projects would require twice as much capital, following selective credit controls intended to curb property price hikes, Lin said, adding that small and medium-sized developers would take a hit due to their modest financial standing.
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