China Resources Land, a state-controlled developer, reported its slowest gain in sales since at least 2015, as the nation’s housing market extended a slump with buyers worried about defaults among the weakest home builders, reports the South China Morning Post. Rental properties helped shore up revenue.
The firm sold RMB 307 billion ($42.7 billion) worth of homes last year, a 2% annual increase, according to a Hong Kong stock exchange filing on Thursday. Sales in December slumped 58% to RMB 21 billion from a year ago, it said.
The east China region was the biggest contributor to sales last year with RMB 87.6 billion, or about a 29% share, it said, while north China provided RMB 52.1 billion and the west China region at RMB 41.96 billion. In Hong Kong, the developer had RMB 3.9 billion worth of sales, the filing showed. The company did not provide comparative 2022 data.