Longfor Properties Co. Ltd.'s board recommended a 30.5% year-over-year increase in its dividend payment for the year ended Dec. 31, 2016.

The board proposed a final dividend of 46.6 fen per share, up from 35.7 fen per share distributed in 2015. The proposed dividend is subject to approval from shareholders on the scheduled annual general meeting June 5.

Longfor Properties plans to pay the dividend July 7 to shareholders of record as of June 14.

As of March 24, US$1 was equivalent to 6.89 Chinese yuan.