China Resources Land Sees April Sales Surge and Strong Rental Growth
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China Resources Land reported a 49.6% year-on-year increase in gross contracted sales for April 2026, totaling approximately RMB25.88 billion, despite flat sales volume. For the first four months, sales reached RMB70.00 billion, indicating a shift towards higher-priced projects. Recurring revenue also grew, with a 7.0% increase in April to RMB4.23 billion, driven by an 11.3% rise in rental income. The company emphasizes the importance of its rental business for earnings resilience, while management warns that the data is unaudited and may change. Analysts rate the stock as a Buy with a target price of HK$34.90.
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