Yanlord 1Q sales surge on improving property market

Yanlord Land Group said it secured US$292.6 million in sales in the first quarter, in the latest sign of improving sentiment in China’s property markets, the South China Morning Post reported. The first quarter sales levels are a marked improvement from the previous year, representing nearly 40% of Yanlord’s total 2008 sales. “A revival of home-buying interest was being recorded in different mainland cities in the first quarter as a result of several rounds of mortgage rate cuts and tax reductions,” said Michelle Sze, the Singapore-listed firm’s head of investor relations. Sze said that Yanlord was able to clear sales even while raising prices in some prime locations. Yanlord is the latest in a series of Chinese property-related firms to record strong first quarter sales. Last week Shimao Property Holding said its contracted first quarter sales had boomed by 346% year-on-year to US$665.9 million.