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China Resources sells 14.2B yuan of properties in April, buys 10.7B yuan of land

In April, China Resources Land Ltd. and its subsidiaries contracted approximately 791,790 square meters of properties for an estimated 14.17 billion yuan and bought 11 land parcels in China for nearly 10.71 billion yuan.

The Hong Kong-listed developer's contracted sales figure during the reporting month reflects an increase from the 10.58 billion yuan recorded in the prior-year period for roughly 657,556 square meters of properties.

China Resources' rental income from investment properties grew 29% year over year in April to about 714 million yuan, while consolidated rental income for the first four months of 2018 jumped 27% to nearly 2.88 billion yuan.

The 11 plots that the company acquired during the month have a combined gross floor area of approximately 2,097,635 square meters. Year-to-April 30, the developer added 5,375,537 square meters of land to its portfolio, following 25 deals worth about 45.82 billion yuan.

As of May 9, US$1 was equivalent to 6.36 yuan.