Sales decline for two developers

Mainland developer China Overseas Land and Investment (0688) posted its first-quarter contracted sales fell 11.7 percent year-on-year to 59.72 billion yuan (HK$65.63 billion) amid the Covid-19 pandemic.

The total gross floor area sold during the quarter fell 10.6 percent to 3.31 million square meters.

In March, China Overseas' contracted property sales rose 7 percent to 26.77 billion yuan, with corresponding GFA sold rising 11.8 percent to 1.5 million sq m.

Meanwhile, China Overseas Grand Oceans (0081) saw contracted sales dropped 4.7 percent to 8.19 billion yuan for the first quarter, with total contracted GFA reaching 711,900 sq m.

Contracted sales grew 34.5 percent to 4.21 billion yuan in March, with contracted GFA at 363,600 sq m.

China Overseas Grand Oceans acquired four land parcels in mainland China with a total GFA of 842,593.7 sq m for 4.18 billion yuan.