Zhitong Finance APP learnedmichelleyeohtigerdragon, China Overseas Development (00688) rose nearly 6%, as of press time, up 5%michelleyeohtigerdragon.27%, at HK$12.78, with a turnover of HK$107 million.

On the news front, China Overseas Development announced that for the three months ended March 31, 2024, the group's revenue was RMB 36.50 billion, a year-on-year increase of 14.4%, and operating profit was RMB 6.65 billion. Operating profit excluding net exchange gains and losses increased by 22.2% year-on-year.

Guojin Securities pointed out that the company's sales are relatively resilient, land acquisition focuses on core areas of core cities, and has a high margin of safety. As high-margin projects gradually enter the carry-over cycle, it is expected that future performance is expected to continue to grow. In the first quarter, the company achieved sales of 60.206 billion yuan (including joint ventures), a year-on-year of-28.0%, while the top 100 real estate companies were-49.1% year-on-year.