CapitaLand Limited is expecting to record a 25% y-o-y reduction in its operating profit after tax and minority interests (PATMI) for 1H20 to 35% from the $361.3 million recorded in 1H19.

 

In its profit guidance released Monday for 1H20, the group also said that cash PATMI &ndash which comprises operating PATMI and portfolio gains &ndash is expected to fall by 40% y-o-y to 50% from the $496.0 million 1H2019.

 

As the group adopted annual valuation in December with effect from this year, CapitaLand says it expects its total PATMI to be materially and adversely impacted for FY20.

 

On June 29, CapitaLand announced, through its responses to shareholders&rsquo questions during its Annual General Meeting (AGM), that the group&rsquo s operating performance in its four core geographical markets in Singapore, China, India, and Vietnam, as well as the other countries it operates in, have been &ldquo affected to varying degrees&rdquo due to the Covid-19-induced restrictions.

 

While the group has seen business improvements pertaining to its retail malls and residential segments, CapitaLand says it expects leasing opportunities to remain &ldquo muted&rdquo due to a cautious approach adopted by companies moving forward.

CapitaLand has also provided tenant support measures totalling up to some $300 million, which are expected to have an &ldquo adverse impact&rdquo on its financial performance for FY20.

 

On June 8, CapitaLand announced that it will waive and potentially defer rent for qualifying small and medium enterprise (SME) tenants according to the Covid-19 (Temporary Measures) (Amendment) Bill.

 

On May 4, the group reported &ldquo relative resilience&rdquo in its office and business arm during its business update for 1Q20. It did not report any overall financial figures.

CapitaLand expects to release its 1H20 results in early August.

 

Yanlord records 29.8b yuan in property pre-sales for first six months of 2020

 

CHINESE property developer Yanlord Land Group recorded 29.8 billion yuan (S$6 billion) in total contracted pre-sales from residential units, commercial units and car parks in the first half of the year, a 65 per cent increase from the previous year.

 

The pre-sales were for a contracted gross floor area of 831,457 square metres (sq m), a 30.7 per cent increase from the year before.

 

The developer also disclosed that it had 4.0 billion yuan of subscription sales as of June 30. This is expected to be subsequently turned into contracted pre-sales over the following months, the company said on Monday.

 

The group' s total contracted pre-sales for the month of June was 10.9 billion yuan - 59.5 per cent higher than the same period last year - for a contracted gross floor area of 304,710 sq m.

 

Five cities in China - Nanjing, Suzhou, Shenzhen, Nantong and Hangzhou - accounted for nearly 84 per cent of the total contracted pre-sales of the group for the six months.