The increase was mainly attributable to accelerated efforts in handing over residential units of its Tonghua Project and Xilang Project.
As at end March, cash and cash equivalents stood at RMB 137.6 million.
Looking ahead, the group says China’s residential property market is expected to face headwinds in 2018 amid the government’s new housing policies.
The group has laid down its strategies to focus its property development efforts in Guangzhou, and is also actively seeking for new land bank reserves there.
Meanwhile, sales efforts of other property projects in the second tier cities outside of Guangzhou have also been stepped up.
Scroll to continue
Shares of China Yuanbang jumped 17%, or up 3.2 cents, to 22 cents on Tuesday.
