CHINESE property developer Yanlord Land Group expects to record net losses for the six months as well as full year ended Dec 31, 2023, it said in a Monday (Jan 8) bourse filing. The profit guidance announcement comes days after it announced a 52.5 per cent year-on-year fall in its total contracted pre-sales for FY2023 to 32.4 billion yuan (S$6 billion).

Flagging the challenging real estate market environment in China, Yanlord said that the probable net loss is primarily attributable to the provision for impairment losses on the group’s certain development properties in the country, as a result of the lower selling prices due to the softer general market demand.

It also noted potential fair value losses on certain investment properties in China.

The developer said that it is in the process of finalising the financial results for the second half of 2023 and fiscal year 2023 and is conducting valuations on its portfolio of investment properties.

It said that will release the unaudited condensed interim financial statements for the two periods by Feb 24, 2024.

The group’s shares closed flat at S$0.56 on Monday, before the announcement.

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