Yanlord profit drops 22.6% in 2020

The China-based real estate firm said its developments continue to be highly sought after.

Chinese real estate developer Yanlord Land Group Limited reported a loss of 22.6% for 2020, with net profits attributable to owners of the company falling to RMB2.59 b from the RMB3.50 b recorded in the previous year.

It attributed this losses to lower fair value gain on investment properties, loss on remeasurement of retained interests in associates and joint venture, and absence of gain on bargain purchase.

It plans to launch new projects in the first half of 2021, all located in China.

Yanlord was among the companies to declare a decline in profits for the fiscal year of 2020 at the Singapore Stock Exchange.

Yanlord shares traded flat on Friday at the Singapore Exchange, closing at $1.15 per unit.