On April 24, China Overseas Development (00688.HK) announced that for the three months ended March 31, 2024, the Group's revenue was RMB 36.50 billion, up 14.4% year on year. Operating profit was RMB 6.65 billion. Excluding net profit and loss on exchange, operating profit increased 22.2% year on year. The Group continues to maintain a sound financial position and strong cost advantage, and the net loan ratio and financing costs remain low in the industry.
In the first quarter of 2024, the Group, together with its associated companies and joint ventures, achieved contract property sales of RMB 60.21 billion, with a corresponding sales area of 2.02 million square meters. During the period, the Group added two new plots of land in two cities in mainland China, adding a total construction area of 140,000 square meters, and a total land price of RMB 1.6 billion.
In the first quarter of 2024, the global economy is still facing great uncertainty, and the environment facing China's economic development is still a combination of strategic opportunities, risks and challenges. In the first quarter of 2024, China's real estate industry continued to bottom out, and transactions were sluggish. However, the central government has made it clear that an active fiscal policy should be moderately strengthened, a prudent monetary policy should be flexible and moderate, and a series of policies to support rigid and improved housing demand will help the real estate market to develop steadily and healthily over the long term. With sound financial conditions and substantial resource advantages, the Group is confident to return shareholders' trust with steady and excellent operating performance.