China Overseas Grand Oceans Group (HKG:0081) recorded a revenue of about 5.79 billion yuan in the first quarter, down 23% from a year prior, a Wednesday Hong Kong bourse filing said.

Operating profit for the three months also fell by 49% year over year to roughly 398 million yuan.

The property firm logged contracted property sales of about 6.93 billion yuan in the quarter for an aggregated area of 598,400 square meters, down 13% and 16%, respectively.

The firm acquired four parcels of land in the Chinese cities of Nantong, Hohhot, and Hefei in the quarter with a total attributable gross floor area of around 414,900 square meters and attributable land costs of 2.46 billion yuan.