CentraLand profits up to RMB12.2 million on rental income
Inherent lumpiness though of revenue recognition caused a decline in revenue from RMB713.7 million to RMB155.0 million.
Meanwhile leasing of commercial retail units in Guoling Shanshui last year and sub-leasing of space within Jiancai Gang pushed te Group's rental income to double to RMB41.9 million. Property management fees from the newly-acquired Jincai Gang also contributed to the Group's results.
Mr Yan Tao, CEO of CentraLand, said, "The acquisition of the master tenancy of Jiancai Gang and the resulting recurring management fees will help even out the lumpiness of our revenue. Significantly, Jiancai Gang marks the beginning of our plans to move into property management and build a team of professional property managers to manage our future developments."
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