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China Resources Land's July contracted sales fall 40.9% YOY

China Resources Land Ltd.'s contracted sales in July declined 40.9% to roughly 12.65 billion yuan from 21.39 billion yuan in the prior-year period.

The corresponding gross floor sales area for the period fell 8.6% year over year to approximately 720,168 square meters from about 788,158 square meters, according to an Aug. 15 release.

Attributable contracted sales in July amounted to 7.77 billion yuan, while attributable contracted gross floor sales area came to approximately 529,161 square meters.

Despite the decline, China Resources Land's aggregate contracted sales for the seven months ended July 31 increased 13.7% year over year to about 131.47 billion yuan, reflecting approximately 6,979,908 square meters of contracted gross floor sales area.

The property company's rental income from investment properties rose 17.1% year over year in July to approximately 992 million yuan and 30.2% year over year in the seven months ended July 31 to roughly 6.78 billion yuan.

In a separate same-day release, the Chinese developer noted that in July, it agreed to pay about 8.08 billion yuan for the acquisition of various levels of interests in nine development sites across China with a total gross floor area of approximately 2,121,734 square meters.

As of Aug. 15, US$1 was equivalent to 7.03 yuan.