Jul. 27, 2010 (China Knowledge) - Greentown China Holdings Ltd<3900> plans to spend a total of RMB 30 billion on the construction of National Games Village and indemnificatory housing project in northeastern coastal city Shenyang, capital of Liaoning Province.

The National Games Village will have 1.2 million square meters in total floor area and is designed for the 12th National Games of China.

The indemnificatory housing project, which will have a floor area of 500,000 sq m, cost around RMB 2,500 per sq m in construction expenditure, according to Vice President Luo Zhaoming, the company will inject around RMB 1 billion into the project, and the selling price will be around RMB 2,750 per sq m.

Although the gross profit margin will reach between 3% and 5%, which will be much lower the firm's average ratio of 20%, the firm will have rights to sell 50,000 sq m of commercial properties, Luo added.

In the first half of this year, Greentown China ranked the fifth in the list of Chinese real estate developers by sales revenue hitting RMB 20.4 billion, while China Vanke Co Ltd<000002><200002> topped with revenue totaling RMB 35.5 billion.