Yanlord's contracted pre-sales more than double to 5.2b yuan in January

CHINESE property developer Yanlord Land Group recorded 5.2 billion yuan (S$1.1 billion) in total contracted pre-sales from residential units, commercial units and car parks in January, more than twice the 2.1 billion it recorded in the previous year.

The pre-sales were for a contracted gross floor area (GFA) of 159,718 square metres (sq m), a 161.8 per cent increase from the year before. The figures are from the company's unaudited key operating figures it released on Thursday.

The developer, together with its joint ventures and associates, also disclosed that it had 2.5 billion yuan of subscription sales as at Jan 31. This is expected to be subsequently turned into contracted pre-sales in the following months, the company said.

The group's total contracted pre-sales for the month of January was 2.2 billion yuan for a contracted GFA of 52,472 sq m. This is in contrast to the 3 million yuan from last year, for a contracted GFA of 493 sq m.

Five cities in China - Nanjing, Suzhou, Shenzhen, Nantong and Hangzhou - accounted for some 73.4 per cent of contracted pre-sales of the group, its joint ventures and associates for January.

Yanlord's shares closed flat at S$1.10 on Thursday before the announcement.