Yanlord Land Group, a property developer focused on developing luxury integrated residential and commercial property projects in high-growth Chinese cities, has announced that net profit for the nine months ended 30 September 2010 jumped 10.5 percent to $228.7 million from $207.0 million over the same period last year.
The group’s recognised revenue in the nine months was lower, hitting $1,322.5 million compared to $1,385.6 million in the previous year, attributed to smaller gross floor area (GFA) delivered. However, increased delivery of its wholly-owned projects in the period drove net profit attributable to equity holders by 10.5 percent to $228.7 million from $207.0 million a year ago.
The delivery of apartment units in Yunjie Riverside Gardens (Phase 2) in Shanghai, Yanlord Peninsula (Apartment – Phase 2) in Suzhou, Yanlord Riverside Plaza (Phase 1) in Tianjin and Yanlord Riverside City (Phase 3) in Shanghai represented 8.1 percent, 8.4 percent, 27.3 percent and 46.3 percent respectively of the group’s gross revenue from properties sold in the period. GFA recognised was 292,421 sq m, while the average selling price was higher at $4,297 per sq m (RMB22,169 per sq m) in the first nine months of the year.