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China Resources Land's Contracted Sales Jump 28% in May

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China Resources Land (HKG:1109) recorded contracted sales of around 23.51 billion yuan in May, up 28% from the year-ago period, according to a Friday Hong Kong bourse filing.

Gross floor area sold stood at 521,000 square meters, down 20% from a year prior.

Recurring revenue for the month rose 8.6% year over year to roughly 4.44 billion yuan. Of the total, rental income from the investment property rental business climbed 11% to 3 billion yuan.

For the five months ended May 31, the property developer's contracted sales rose 7.7% to approximately 93.51 billion yuan, while GFA dropped 27% to 2.36 million square meters.

Recurring revenue for the period increased 7.7% to 22.01 billion yuan, of which rental income from the investment property rental business jumped 13% to 15 billion yuan.

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