Yanlord’s net profit soar 213.1% to $118.6m

Mounting pre-sale of properties boosted business performance.

On back of robust home buyer demand in China, Yanlord Land Group Limited’s net profit climbs up a steep 213.1% to $118.6 million (RMB584.1 million) in 1H16 compared to $37.9 million (RMB186.5 million) a year ago.

The real estate developer’s press release underlined healthy market sentiments in China pushed the group’s pre-sale of properties and car parks in 1H16 55.3% to $3.5 billion (RMB17.128 billion) from $2.2 billion (RMB11.027 billion) in 1H15. Pending revenues resulting from accumulated pre-sales as at 30 June 2016 was $5.9 billion (RMB28.884 billion).

According to Yanlord, group revenue rose 216.5% in 2Q 2016 to $1.5 billion (RMB7.404 billion) against $0.5 billion (RMB2.340 billion) in 2Q 2015, while net profit attributable to owners of the company went up around 89.4% to $65.8 million (RMB323.9 million) from $34.7 million (RMB171.1 million) in 2Q 2015.

“To supplement the Group’s future development, Yanlord has announced the purchase of stakes in seven land parcels across first and second tier cities of China with total GFA of around 1.78 million sqm since the beginning of 2016,” it added.