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August 10, 2016

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Evergrande raises 2016 sales goal

CHINA Evergrande Group, one of the largest property developers in China which has been making media headlines lately due to its purchase of China Vanke Co shares, aims to raise its 2016 target for contract sales by 50 percent to 300 billion yuan (US$45 billion).

In the first seven months, the Guangzhou-based developer has already sealed contract property sales of over 184 billion yuan, or 92 percent of its origanl target for this year, Evergrande said in a filing to the Hong Kong stock exchange yesterday.

In July alone, Evergrande concluded contract property sales of over 43 billion yuan, a monthly record for Chinese developers. That figure marked a monthly jump of 37 percent and an annual surge of 205 percent, an earlier statement released by the company said.

Evergrande cited better quality of its homes and its “return without any reason” policy for the notable boost to sales.

Vanke, meanwhile, concluded property sales of 27.4 billion yuan in July, a monthly tumble of 35 percent and a year-on-year rise of 15 percent.

Vanke, the nation’s largest home builder, has been embroiled in a year-long tussle for control against Baoneng Group which wants a “hostile takeover” of the Shenzhen developer.

Vanke said in a filing to the Shenzhen bourse earlier that Evergrande has bought 5 percent of its shares for nearly 10 billion yuan as of Monday, or 18.06 yuan per share on average, becoming its fourth-largest shareholder after Baoneng, China Resources Holdings Co and Anbang Insurance Group.

Evergrande edged up 0.89 percent yesterday to HK$5.66 (73 US cents) while China Vanke shares gained 0.46 percent to close at 21.97 yuan.


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