YANLORD Land Group's net profit rose multiple-fold in the first quarter of 2016, from 15.46 million yuan (S$3.25 million) a year ago to 260.14 million yuan, underscored by healthy home buyer demand in China and robust pre-sale delivery, said the group on Wednesday.
Revenue for the quarter almost trebled, from 1.01 billion yuan to 2.85 billion yuan.
Zhong Sheng Jian, Yanlord's chairman and CEO, said: "Encouragement and support for home ownership by the PRC (People's Republic of China) Central government remains a key impetus for sustainable development within the PRC real estate sector. Capitalising on this favourable market environment, we continue to make significant strides in pre-sales accumulation in Q1 2016.
"Building upon our healthy pipeline of project launches in prime locations within the first and second tier cities of the PRC, we hope to further enhance our pre-sales accumulation efforts. Leveraging on our healthy financial position, we will actively explore opportunities to acquire fairly priced developments in prime locations to augment our existing prime landbank holdings."
The group is looking to continue to launch new projects and new batches of its existing projects in Q2. These include Oasis New Island Gardens (Phase 3) and Yanlord Yangtze Riverbay Town (Phase 4) in Nanjing, Yanlord Eastern Gardens, Yanlord on the Park and Yanlord Western Gardens in Shanghai, Tianjin Jinnan Land (Phase 3), as well as Yanlord Marina Peninsula Gardens (Phases 1 and 2) in Zhuhai.