Yanlord Land Group, the China-based developer focused on high-end integrated commercial and residential property projects, says net profit attributable to equity holders of the Company declined 47.5% to RMB308.7 million ($58.4 million) in 1H 2011 from RMB587.5 million in 1H 2010 due to the change in the product mix of delivered residential units in the first half of the year.
The group’s recognised revenue in 1H 2011 declined 6.5% to RMB3.60 billion from RMB3.85 billion in 1H 2010. GFA delivered in 1H 2011 was higher at 213,307 sqm, however the product mix which included inaugural delivery of units at Yanlord Yangtze Riverbay Town (Phase 1) in 1Q 2011, priced at RMB16,000 per sqm when they were sold in 2009, resulted in the lower ASP achieved for 1H 2011. This was in contrast to Yanlord Yangtze Riverbay Town (Phase 2) which achieved a 50% increase in ASP of RMB24,000 per sqm as it was launched in February.
Looking ahead, the group says it will continue to launch new projects and new batches of its existing projects in 3Q 2011, namely, Yanlord Yangtze Riverbay Town (Phase 2) in Nanjing, Yanlord Sunland Gardens (Phase 1) in Shanghai, Suzhou Wuzhong Area C1 Land – Villas and Yanlord Lakeview Bay – Land Parcels A6 and A7 in Suzhou and Yanlord New City Gardens (Phase 2 – Section 2) in Zhuhai.
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