Financial Results
Residential development scheme
Timing
3-5 years
Permission risk
vs. Project
value
High permission risk
Low entry price
Total development period range: 39-59 months
12-18 months
18-30 months
Medium-low
permission risk
Medium
entry price
Stages of
residential
Zoning & initial
permit
real estate
Investment
contract,
planning &
documentation
construction
development
permit
Revenue
recognition
Source: Company data
Construction
Pre-sale
1-2 months
3 months
State
commission
Ownership
rights
registration
Sales after
commission
ing
For share participation agreements when the
construction is completed and the building has been
approved by the State commission for acceptance of
finished buildings.
For share accumulation agreements when the building has
been approved by the State commission for acceptance of
finished buildings and act of acceptance is signed by share
accumulation cooperative.
For 100% payment when sale-purchase
agreement is signed.
For less than 100% payment when
preliminary agreement and act of
acceptance is signed by client.
Etalon Group focus
ā Etalon Group
Operating
Results
Financial
Results
Landbank
Valuation
2015
Deliveries
Appendix
35
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