Yanlord records 6.77b yuan in property pre-sales for first three months of 2020

CHINESE property developer Yanlord Land Group recorded 6.77 billion yuan (S$1.36 billion) in total contracted pre-sales from residential units and car parks for its latest quarter, 18.4 per cent higher than a year ago, even as the Covid-19 pandemic has weighed on property-buying sentiment in China.

The pre-sales were for contracted gross floor area of 192,696 sq m, 7.1 per cent more than a year ago. 

In its unaudited key operating figures for the quarter ended March 31, the developer also disclosed that it has about 2.84 billion yuan of subscription sales. 

Despite the virus dampening sentiments within China's property sector in recent months, the group said it continues to witness healthy interest from buyers across its key markets in the mainland.

Five cities in China - Nanjing, Hangzhou, Nantong, Suzhou and Tianjin - accounted for approximately 82 per cent of the total contracted pre-sales of the group for that quarter. 

Shares of Yanlord closed unchanged at S$1.02 on Wednesday.