Longfor’s sales plummet over 50% through August
Property developer Longfor Group Holdings Ltd. (0960.HK) on Monday reported it logged 20.84 billion yuan ($3.1 billion) in contracted sales during the first eight months of the year, plunging 54% from 45.74 billion yuan a year earlier. The transactions this year covered a gross floor area of 2.24 million square meters, down nearly 36% year-on-year.
The company’s contracted sales in August totaled just 2.2 billion yuan, down 53% year-over-year, while the corresponding floor area fell nearly 40% to 250,000 square meters. Compared with July, however, the August sales value edged up by 5% and the transacted floor area increased by 4.6%.
The company generated about 9.73 billion yuan in operating income and roughly 8.45 billion yuan in service revenue in the first eight months of the year, for a combined total of 18.18 billion yuan.
Shares of Longfor opened flat at HK$6.015 on Tuesday. The stock is down 50% from its 52-week high.
By Lau Chi Hang
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