Aug. 7, 2012 (China Knowledge) - Hong Kong-listed property developer Yuexiu Property Co Ltd<0123>, formerly known as Guangzhou Investment Co Ltd, has announced that its contractual sales soared 807% YoY to RMB 1.35 billion in July this year.

The company said in a statement that it sold 88,500 square meters of properties last month, reflecting a growth of 712% from the same period of 2011.

In the first seven months of this year, the developer saw its contractual sales amount to RMB 8.5 billion, 167% more than in the corresponding period of last year and accounting for 85% of its sales target of RMB 10 billion for 2012.

Yuexiu Property's contractual sales area increased 220% YoY to 660,000 sq m in the seven-month period, equivalent to 69% of its target of 960,000 sq m for this year.

The company said earlier this month that it bought three pieces of land in Hangzhou of Zhejiang Province for RMB 253 million in total or RMB 1,180 per square meter of floor area, China Knowledge reported earlier.