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China Resources Land posts 49.1% YOY rise in November contracted sales

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China Resources Land posts 49.1% YOY rise in November contracted sales

China Resources Land Ltd.'s contracted sales in November amounted to 26.14 billion yuan as it spent 8.66 billion yuan during the month for the acquisition of varying stakes in eight land parcels across China, according to separate Dec. 13 filings.

The contracted sales figure for the reporting month is 49.1% higher compared with the roughly 17.53 billion yuan recorded in the prior-year period. It also corresponds to approximately 1,452,773 square meters of contracted gross floor sales area.

The Chinese developer's attributable contracted sales for the month reached 18.33 billion yuan, with attributable contracted gross floor sales area of about 1,180,018 square meters. Meanwhile, rental income from investment properties grew 28.9% year over year to 1.07 billion yuan.

For the first 11 months of 2019, China Resources' total contracted sales rose 19.5% year over year to 226.67 billion yuan following a 13.7% year-over-year improvement in contracted gross floor sales area to 12,351,352 square meters. During the 11-month comparable period, rental income from investment properties jumped 30.0% to nearly 11.13 billion yuan.

The property company added that the land plots it invested in November have a total gross floor area of 1,765,090 square meters.

As of Dec. 13, US$1 was equivalent to 6.98 yuan.