BRIEF: CR Land’s October sales rise 12%, reversing declines

Property developer China Resources Land Ltd. (1109.HK) on Tuesday announced its total contracted sales in October amounted to about 31 billion yuan ($4.29 billion), up 12.4% year-on-year. It sold about 1.28 million square meters in gross floor area (GFA) for the month, up by an even larger 20.8%.

The company’s cumulative contracted sales totaled approximately 203.3 billion yuan in the first 10 months of the year, down 22.4% year-on-year, while its GFA sold was down 19.6% to 8.83 million square meters during the period.

The company also reported its rental income in October rose 14.9% year-on-year to about 2.51 billion yuan, while its cumulative rental income for the first 10 months of the year totaled about 24 billion yuan, up 14.8%.

By Lau Chi Hang

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