Together with its joint ventures and associates, Yanlord contracted total pre-sales of RMB22.2 billion in FY2024, down 31.4% over FY2023.
Average selling price in FY2024 dropped by 8% to RMB24,047 per sqm which Yanlord claims is due to changes in the composition of product-mix being pre-sold during the year.
As at Dec 31, 2024, its total debt reduced by a fifth to RMB26.4 billion and it held cash of some RMB10.2 billion.
Its net gearing ratio decreased by 5.4 percentage points to 41.3% as at Dec 31, 2024.
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Zhong Sheng Jian, Yanlord’s CEO says that Singapore's property market posted "robust" showing but China's, in contrast, continued its "downward trend".
Zhong says that throughout 2024, China's government introduced a series of supportive and stimulus policies to revitalise the market, with the explicit objective to "halt the decline and restore stability", "demonstrating an unprecedented level of political will."
"The combined effect of these policies has begun to yield results, with the real estate market showing signs of improvement in the fourth quarter of 2024," he adds.
Zhong says that while Yanlord is not able to "influence" the "broader market trajectory", the company is taking proactive measures such as accelerating sales and optimising cost efficiencies, to maintain financial stability and enhance financial resilience.
Yanlord Land Group shares closed at 61 cents, down 1.62% for the day but up 21% in the past 12 months.
