Landsea Green Properties, a real estate company established in 2001, has reported a stable growth performance in the first half of 2021. On-balance sheet revenue increased by 24% YoY to RMB 3.54 billion, while off-balance sheet revenues from J.V. and associates decreased by 58% YoY to RMB 1.11 billion. The consolidated on and off-balance sheet revenue decreased from RMB 5.5 billion to RMB 4.64 billion. The gross margin increased from 17.7% to 22.6%, reaching RMB 799 million, a 58.1% increase. The gross profit for both on and off-balance sheet decreased by 1.13% YoY to RMB 1.043 billion. The core net profit increased by 29.5% YoY to RMB 132 million (excluding gain or loss from the exchange rate and listing cost). The Development Service segment positively impacted the gross margin to 33.1%, a 7% YoY increase.
