Yanlord nets 2.8b yuan in pre-sales for Nanjing and Nantong apartments

YANLORD Land Group Limited on Tuesday announced an estimated pre-sales total of 2.8 billion yuan (S$572.7 million) through the successful weekend launches of its apartment units in Nanjing and Nantong, both in China's Jiangsu province. 

The real estate developer sold all units in its inaugural launch of 209 apartments for Yanlord Gardens in Nantong on the opening day, for an estimated pre-sales of 914 million yuan.

Over at the launch of apartment units in Riverbay Century Gardens in Nanjing, 126 of the 132 apartment units (or 95.4 per cent) were taken up on opening day for an estimated pre-sales of 999 million yuan. 

Cloud Serenity Gardens, another of its properties in Nanjing, sold 278 of the 326 apartment units (85.2 per cent) launched on opening day, for over 910 million yuan in pre-sales. 

Total pre-sales derived from these three launches amounted to over 2.8 billion yuan, Yanlord said in a statement.

Chairman and chief executive Zhong Sheng Jian said: "This reflects a progressive recovery in buyer sentiments within the PRC property sector, which has been weighed down in recent months by the unfortunate onset of the Covid-19 pandemic. These three launches bear testament to the strong support and confidence that residents of Nanjing and Nantong place in the group's ability to deliver quality developments. 

"Capitalising on the sales momentum achieved, we have slated additional project launches that will serve to drive our future sales performance."

Yanlord shares closed down S$0.01 or 1.01 per cent to S$0.99 on Tuesday before the announcement.

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