(Yicai Global) March 25 -- Chinese property developer Longfor Group Holding's goal this year is to attain CNY260 billion (USD37 billion) in sales, it announced in the performance report for last year it published online yesterday.

The company's operations took a short-term hit from the Covid-19 pandemic, but the market recovered starting this month. Longfor projects CNY30 billion in sales in the first quarter and predicts the market will return to a fully normal level in April after it racked up CNY17.11 billion in contract sales from January to last month, said Shao Mingxiao, its chief executive. 

The group, which is based in Beijing, achieved a 30 percent annual growth in operating revenue last year at CNY300 billion, per the report, of which investment income was almost CNY5.8 billion in 41.5 percent yearly growth.

The group's shares [HKG:0960] closed at HKD33.15 (USD4.79) yesterday.  

Longfor achieved CNY245.2 billion in sales last year in an almost 21 percent annual increase, according to data from Shanghai-based property market analytics firm China Real Estate Information, ranking it 11th among Chinese real estate companies.

It realized net profit attributable to shareholders of CNY18.33 billion, with a core net profit of CNY15.55 billion, up 21 percent per year, after deducting the influence of minority shareholders' Interests and valuation gains.

Formed in Chongqing in 1993, Longfor has now developed its business nationwide, information on its website shows. Its four core business lines span property development, commercial operation, rental housing and smart services, and it is also venturing into eldercare and urbanization projects.

Editor: Ben Armour