SINGAPORE (May 11): Demand in the residential market propelled property firm Yanlord Land Group’s 1Q earnings to RMB 260.1 million ($54.7 million), from RMB 15.5 million the year before.

Revenue grew 182% to RMB 2.9 billion. The group attributed the top-line performance to healthy homebuyer demand in China and robust pre-sale delivery, especially in the first and second tier cities.

Pre-sale of properties and car parks in 1Q rose 254.6% to RMB10 billion, which the group expects to translate into revenue in subsequent quarters. It has total received RMB22.9 billion as advances for pre-sale properties as of March.

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