Jun. 8, 2012 (China Knowledge) - Gemdale Corp<600383>, a Shanghai-based real estate developer, said yesterday that its contractual sales increased 46.3% YoY or 33.9% MoM to RMB 3.04 billion last month.

In May, the developer sold 248,000 square meters of properties, 70.5% more than in the same month of last year and 40.1% more than in April.

In the first five months of this year, Gemdale's contractual sales grew 30.9% YoY to RMB 9.9 billion, and its sales area rose 55.9% YoY to 842,000 sq m.

The company's average sales price fell 4.4% from the previous month to RMB 12,258 per sq m in May, which was still higher than those of China Vanke Co Ltd<000002><200002> and Poly Real Estate Group Co Ltd<600048>.

Gemdale plans to launch more new projects in the next two months. The company aims to sell RMB 30.9 billion of properties this year.