China Resources Land's March gross contracted sales dropped 14.1pc year on year

China Resources Land (01109) announced that its gross contracted sales in March amounted to around 22.42 billion yuan (HK$25.72), down 14.1 percent year on year. 

The gross contracted sales area was approximately 594,000 square meters, representing a decrease of 34.5 percent.

During the month, the company’s recurring revenue reached approximately 4.28 billion yuan, up 7 percent year on year. Of this, rental income from investment property rental business amounted to approximately 2.85 billion yuan, an increase of 11 percent.

For the first three months of this year, gross contracted sales totaled approximately 44.12 billion yuan, while the gross contracted sales area reached approximately 1.249 million square meters, down 13.8 percent and 36.9 percent year on year respectively.

Cumulative recurring revenue for the first three months amounted to approximately 13.33 yuan billion, up 7.6 percent year on year. Among this, cumulated rental income from investment property rental business totaled approximately 9.16 billion yuan, representing a growth of 14 percent.