Yanlord Land reports 9M21 contracted pre-sales fell around 31 percent on-year

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Yanlord Land reported Wednesday its total contracted presales from residential and commercial units and carparks for the January-to-September period, including joint ventures and associates, dropped 30.9 percent on-year to 36.77 billion yuan.

The gross floor area (GFA) sold in the first nine months of the year fell 17.7 percent on-year to 1.18 million square meters, the China property developer said in a filing to SGX.

The total contracted pre-sales of other property development projects under the group’s project management business bearing the Yanlord brand name came in at 11.62 billion yuan for the nine-month period, on contracted GFA of 215,792 square meters, Yanlord said.

Yanlord said around 3.057 billion yuan of subscription sales was posted as of end-September, with those subscriptions expected to be be turned into contracted pre-sales in coming months.

For the month of September, Yanlord, together with its joint ventures and associates, posted total contracted pre-sales from residential and commercial units and car parks of around 2.869 billion yuan on contracted GFA of 102,946 square meters, down 47.1 percent and 35.3 percent, respectively, from September 2020.

The Hungry Ghost Month ran from 8 August to 6 September this year, while in 2020, the festival ran from 19 August to 17 September.

Ethnic Chinese may avoid purchasing a home during the Hungry Ghost Month period, and developers may avoid launching projects during that period.