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2 property giants post bullish sales
By Cao Qian |
January 13, 2011, Thursday
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Print Edition
Print Edition
CHINA'S two major real estate developers yesterday reported their property sales grew by double digits last year despite two rounds of tightening measures imposed by the central government to cool the market.
Poly Real Estate Group Co, the country's second-largest publicly-traded developer, said the value of its contract sales jumped 52.5 percent to 66.168 billion yuan (US$10 billion) last year.
By volume, it rose 30.7 percent to 6.88 million square meters, the company said in a filing to the Shanghai Stock Exchange yesterday.
Property sales picked up significantly in December when a total of 622,100 square meters of new homes were sold for more than 9 billion yuan, according to the filing.
Also yesterday, Gemdale Corp, the fourth-biggest, reported a hefty sales gain over the same period.
Shanghai-listed Gemdale sold 2.29 million square meters of new homes across the country between January and December, a rise of 21.6 percent on an annual basis.
By value, sales climbed 34.6 percent to 2.83 million yuan, according to a filing to the local stock exchange.
Gemdale also predicted net profit for last year would probably surge about 50 percent from 1.776 billion yuan in 2009.
Poly Real Estate Group Co, the country's second-largest publicly-traded developer, said the value of its contract sales jumped 52.5 percent to 66.168 billion yuan (US$10 billion) last year.
By volume, it rose 30.7 percent to 6.88 million square meters, the company said in a filing to the Shanghai Stock Exchange yesterday.
Property sales picked up significantly in December when a total of 622,100 square meters of new homes were sold for more than 9 billion yuan, according to the filing.
Also yesterday, Gemdale Corp, the fourth-biggest, reported a hefty sales gain over the same period.
Shanghai-listed Gemdale sold 2.29 million square meters of new homes across the country between January and December, a rise of 21.6 percent on an annual basis.
By value, sales climbed 34.6 percent to 2.83 million yuan, according to a filing to the local stock exchange.
Gemdale also predicted net profit for last year would probably surge about 50 percent from 1.776 billion yuan in 2009.
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