Friday, March 1, 2013

Yanlord Lard still bullish enough on PRC to keep all-in bet

RESIDENTIAL PROPERTY | Krisana Gallezo, Singapore
Published: 27 Feb 13

High-growth city projects remain as core focus.

In its latest outlook, Yanlord Land said that given the continued challenges posed by volatilities in the global economy and pressures arising from austerity measures introduced by the PRC central government, the Group believes that its prudent financial policies coupled with a strong cash position will serve to better drive its sustained development.

"Led by an experienced and dedicated management team with extensive industry knowledge of the PRC real estate sector, the Group will continue to focus on its business strategies and comparative advantages in the development of quality residential apartments in prime locations within high growth PRC cities. This will best allow for the sustainable growth of the Group’s core business segments and to capitalise on the long term growth prospects of the PRC real estate sector," said Yanlord Land.

"Barring any further significant deterioration in the global economy and any other unforeseen circumstances, the Board of Directors is confident of the Group’s performance relative to the industry trend for the next reporting period and the next 12 months based on the number of units pre-sold to-date, expected delivery schedules and on-schedule construction works in progress," it added.

Yanlord also estimates that based on the existing sales contracts of the pre-sold units, the total pre-contracted sales amounting to RMB6.350 billion as at 31 December 2012 are expected to be progressively recognised as revenue in the subsequent quarters. The Group has received advances for pre-sold properties (recorded as “Other payables” in the statements of financial position), amounting to RMB4.461 billion.

The Group will continue to launch new batches of its existing projects in 1Q 2013, namely, Yanlord Sunland Gardens (Phase 1) and Bayside Gardens in Shanghai as well as Yanlord Lakeview Bay – Land Parcel A6 in Suzhou and Yanlord Riverbay (Phase 1) in Chengdu.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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