By Anniek Bao

Longfor Group Holdings Ltd.'s net profit in 2021 rose 19% from the previous year, mainly due to strong property sales.

Net profit for the period was 23.85 billion yuan (US$3.75 billion), while revenue grew 21% to CNY223.38 billion, the company said Friday. The home builder posted CNY290.09 billion in contracted property sales, up 7.2% from last year.

The results were in line with analysts' expectations. Analysts polled by FactSet had forecast 2021 net revenue of CNY223.94 billion and net profit of CNY21.87 billion.

Longfor's debt-to-equity ratio stood at 46.7%, with CNY88.55 billion of cash on hand.

Longfor, considered to be among the few financially stronger developers in China, said it will aim to keep its debt level 'reasonable and safe'.


Write to Anniek Bao at anniek.bao@wsj.com


(END) Dow Jones Newswires

03-25-22 0123ET