CHINA OVERSEAS(HK:00688)2024-04-24 04:01Sales Performance - In Q1 2024, the group achieved contract property sales of RMB 60.21 billion, with a corresponding sales area of 2.02 million square meters[2]. - The group's revenue for the three months ended March 31, 2024, was RMB 36.50 billion, representing a year-on-year increase of 14.4%[3]. - Operating profit for the same period was RMB 6.65 billion, with a year-on-year increase of 22.2% after excluding foreign exchange gains and losses[3]. Land Acquisition - The group acquired two new land parcels in two cities in mainland China, adding a total construction area of 140,000 square meters at a total land cost of RMB 1.60 billion[2]. Financial Position - The group maintains a low net gearing ratio and financing costs, reflecting a strong financial position[3]. - The group expresses confidence in delivering solid operational performance to reward shareholders amid ongoing economic uncertainties[1]. - The group emphasizes the importance of prudent investment decisions for shareholders and potential investors[5]. Market Conditions - The central government has introduced supportive policies for rigid and improvement housing demand, which is expected to stabilize the real estate market[1]. - The real estate industry in China continues to experience a downward trend, with weak transaction volumes in Q1 2024[1]. Disclaimer - The information provided is unaudited and should not be seen as an indication or guarantee of the group's financial performance[5].