CHINA OVERSEAS(00688)2023-04-26 08:35Financial Performance - In Q1 2023, the group achieved contract property sales of RMB 83.6 billion, a year-on-year increase of 73.2%, with a corresponding sales floor area of 4.26 million square meters, up 70.1% year-on-year [4]. - The group's revenue for the three months ended March 31, 2023, was RMB 31.9 billion, representing a year-on-year increase of 10.6%, while operating profit was RMB 6.64 billion, up 34.3% compared to the same period last year [5]. - As of March 31, 2023, the group's bank balance and cash amounted to RMB 139.66 billion, with a net gearing ratio maintained at a low level of under 40% [5]. Market Conditions - The overall economic environment remains challenging, but the Chinese economy showed signs of gradual recovery in Q1 2023, with significant growth in residential transactions in key cities [2]. - The Hong Kong property market showed improvement in Q1 2023, with a notable increase in transaction volume and developers restarting large sales activities [2]. Strategic Focus - The group aims to leverage its financial strength and high saleable value to drive sales growth while focusing on precise investments and lean management for sustainable high-quality development [3]. - The group emphasizes the importance of proactive strategies to accumulate strength for future sustainable development amid market stabilization [3]. Cautionary Statements - The company warns that the information provided may contain forward-looking statements that involve risks and uncertainties, and actual performance may differ [6]. - Investors are advised to exercise caution and seek professional advice regarding their investment decisions based on the information provided [7]. Land Acquisition - The group acquired two new land parcels in two cities in mainland China, adding a total floor area of 190,000 square meters at a total land cost of RMB 4.22 billion [4].