Yanlord's half-year profits surge 139% to $285.5m

On the back of higher car park sales.

Singapore-listed real estate developer Yanlord managed to record a whopping 139% jump in its 1H17 profits to RMB 1.4b ($285.5m).

This followed the 3.3% uptick in revenue to RMB10.6b, attributable to the higher average selling price achieved and the increased revenue from sales of car parks.

In quarterly terms, Yanlord's net profit went up by 42.8% to RMB 462.5m. However, due to the lower gross floor area delivered in the quarter, its revenue declined to RMB 4.27b.

"The healthy growth in net profit for the Group in 1H 2017 was underlined by sustained homeowner interest for our high-quality developments in the PRC," Yanlord CEO Zhong Sheng Jian said.

He furthered, "With prices for primary commodity housing within the top 70 cities rising approximately 9.4% year on year in 1H 2017, we remain confident about prospects of the PRC real estate sector in particular in the key first and second tier cities which continue to see a net population inflow owing to rapid urbanisation."

The group said it continues to actively pursue opportunities to expand its prime landbank holdings.

It announced that it has acquired a strategic 50% stake in a prime 84,456 sqm GFA site in YanZiJi, Xixia District, Nanjing.

Ideally situated for the development of a prime residential development, the site overlooks the Yangtze River and features a comprehensive suite of lifestyle amenities including shopping malls, hospitals and schools.