China Resources Land Ltd

01109: XHKG (HKG)
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CR Land Earnings: Top-Line Beat on Strong Property Bookings; Margin Expansion Prospect Intact

China Resources Land delivered strong 2024 results as 11% year-on-year revenue growth exceeded our forecast. While property development's 16.8% gross margin remained below 20.7% for 2023, it rose sequentially in the second half due to higher sales mix in wealthy cities.

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