Chinese developer Yanlord Land's Q4 earnings soar 85%
Upmarket China developer Yanlord Land Group has registered an 85 per cent jump in fourth-quarter net earnings to 1.09 billion yuan (S$229 million).
Revenue for the three months to Dec 31 rose marginally by 3 per cent to 4.7 billion yuan from a year ago.
Yanlord's full-year results were not as rosy, as net profit for the 12 months to Dec 31 slid 19.2 per cent to 1.47 billion yuan although revenue rose 9.5 per cent to 11.3 billion yuan.
Strong buyer demand drove pre-sales for residential units and car park lots up for Yanlord and progressive recognition of pre-sales throughout the year supported its topline, the company said on Wednesday.