China Yuanbang Property Holdings posted a net loss of 26.82 million yuan for the year ended June 30, compared to a net profit of 143.74 million yuan in the preceding fiscal year.
This was due mainly to a decrease in revenue and fair value adjustments on investment properties, the Chinese developer said.
Its revenue for the full year was mainly derived from the sale of Xilang Project, which saw an unexpected delay in the handover of residential units, pending the completion of necessary procedures and inspection by the relevant authorities.
As a result, revenue for the year slipped 66.5 per cent to 444.86 million yuan.
The group said it expects to complete the necessary procedures and inspection by the relevant authorities for its remaining four residential blocks of Ming Yue Shui An project to allow it to hand over the pre-sold units to the homebuyers. Together with the pre-sold units from the group's other projects Shan Qing Shui Xiu (Phase I & II), Aqua Lake Grand City (Phase II), Ming Yue Xing Hui and Ming Yue Jin An, these will be progressively recognised as revenue from first quarter of fiscal 2016 onwards once the units are handed over to the buyers.
The group said it has also pre-launched the sale of its Phase I of Ren Jie Di Ling project in Rushan City and Hou De Zai Wu project in Tonghua City with a total of 170 units and 300 units available for sale, respectively. It will be planning for a full-scale launch in due course.
The developer is also in the process of planning and constructing three other developments, namely Batai Mountain Project in Wanyuan City and Huizhou Project in Huizhou City.