Contract Sales Slower Than Peer; Land Acquisitions May Stretch Balance Sheet
For the year through June, China Resources Land achieved contracted sales of CNY 63 billion, up 14% year on year. Much of the increase was due to a higher average selling price, as gross floor area sold was flat from a year ago. Land bank acquisitions were more aggressive, with attributable land cost totaling CNY 35 billion through July, or 75% of the total expenditure for 2016. The average accommodation value was 18% higher. Given the fairly conservative contract sales target of CNY 120 billion...China Resources Land is an investment holding company. Through its subsidiaries, Co. is engaged in the development and sales of developed properties, property investments and management, hotel operations and the provision of construction, decoration and other property development related services in the People's Republic of China. As of Dec 31 2014, Co. operated in four segments: sale of developed properties, property investments and management, hotel operations, and construction, decoration services and others.
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