Boost for Yanlord's Q1 from China home-buyer demand

Singapore

YANLORD Land Group's net profit attributable to equity-holders surged in the first quarter of 2016, from 15.46 million yuan a year ago to 260.14 million yuan (S$54.7 million), underscored by healthy home-buyer demand in China and robust pre-sale delivery.

The group said on Wednesday that revenue for the three months ended March 31 rose 182 per cent from 1.01 billion yuan to 2.85 billion yuan.

The group, which develops high-end integrated commercial and residential projects in China, said it continues to witness a strong uptick in buyer interest. Led by positive market sentiment particularly in the first and second-tier cities, pre-sale of properties and car parks in Q1 rose 254.6 per cent to 10.07 billion yuan from 2.84 billion yuan a year ago. Meanwhile, accumulated pre-sales pending recognition as at March 31 was 29.29 billion yuan and is expected to be progressively recognised as revenue in subsequent financial period…