Aoyuan's contracted property sales surge in first quarter

The sales grew by more than 110%, compared to the same quarter last year.

Property developer China Aoyuan Group Limited reported its contracted property sales in the first quarter reached $35.7b (RMB30b), reflecting a 110% year-on-year increase.

The contracted gross floor area (GFA) is approximately 2.67m square metre, which is also higher by 94% than the GFA recorded in the same period in 2020.

Aoyuan noted the average selling price was $13,348 (RMB 11,220) per sqm for the quarter.

In March 2021 alone, the company’s contracted sales rose 65% YOY to $14.25b (RMB11.98b), whilst its GFA climbed 51% to 1.12m sqm compared to March last year.

The Hong Kong listed company covers four major regions, namely South China, the core region of Central and Western China, East China, and Bohai Rim. It is also amongst the urban redevelopment players in the Greater Bay Area.

For the full year of 2020, the company reported a total of $158.22b (RMB133b) property contracted sales, representing a 13% YOY increase. This covers some 12.88m contracted GFA.

Its net profit also rose 35% to $8.38b (RMB7.05b), whilst its revenue increased 34% to $80.65b (RMB 67.79b), largely due to its property development segment.