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CHINA-BASED developer Pan Hong Property Group said in an update yesterday that its property 'pre-sales' had increased 34.7 per cent to 678.4 million yuan (S$144.3 million) from May 24 to July 15.
The company provided fresh numbers in an update to the property sales figures that it had disclosed when it released its full-year financial statement announcement on May 28.
Pre-sales of the company's development projects can be recognised as group revenue only after the projects are completed and handed over to the buyers.
The surge in the aggregate value of Pan Hong's pre-sales to 678.4 million yuan from 503.6 million yuan was driven mainly by the sales of residential units from its largest current project, Nanchang Honggu Kaixuan Phase 2.
Pan Hong sold an additional 220 residential units at this phase from May 24 to July 15.
It also said yesterday that on June 14, it launched its new project, Hua Cui Ting Yuan Phase 1. The project is a townhouse development near the Taihu Lake Resort in Huzhou city.
'Based on the current pre-sales and construction schedule, and barring any unforeseen circumstances, the group remains positive of its performance for the current financial year ending March 31, 2010,' Pan Hong said yesterday.
The company had earlier reported a net loss of 36.99 million yuan for the 15 months ended March 31, 2009. This compares with a net profit of 184.86 million yuan for the 12 months ended Dec 31, 2007. The developer has changed its financial year-end from Dec 31 to March 31.
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