Yanlord's contracted pre-sales more than double to 12.03b yuan in August

REAL estate developer Yanlord Land Group saw its contracted pre-sales from residential and commercial units as well as car parks more than double to 12.03 billion yuan (S$2.41 billion) in August, from 4.81 billion yuan a year ago.

Total contracted gross floor area (GFA) rose 75.6 per cent year on year to 280,819 square metres (sq m) in the same month, according to Yanlord's unaudited key operating figures it released on Monday.

For the eight months ended August, contracted pre-sales were up 73.5 per cent on the year to 47.77 billion yuan, while total contracted GFA increased by 34.5 per cent to 1.3 million sq m.

The group, together with its joint ventures and associates, recorded a total of about 4.19 billion yuan of subscription sales as at end-August. These are expected to turn into contracted pre-sales in the following months, Yanlord said on Monday.

Five Chinese cities - Suzhou, Nanjing, Shenzhen, Shanghai and Hangzhou - were key contributors to the group's contracted pre-sales in the first eight months of this year. They accounted for some 78.5 per cent of contracted pre-sales of the group, its joint ventures and associates for the eight months.

Yanlord shares closed at S$1.16 on Monday, down S$0.01 or 0.9 per cent, before the announcement.