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Evergrande Real Estate's 2011 property sales up 59.4%

Jan. 5, 2012 (China Knowledge) - Chinese real estate developer Evergrande Real Estate Group Ltd<3333> said yesterday that its contracted sales surged 59.4% year on year to RMB 80.39 billion in 2011.

The company said in a statement that the sales last year were 114.8% more than its original target of RMB 70 billion.

The Hong Kong-listed developer sold 12.20 million square meters of properties last year, 54.7% more than that in the previous year. Average sales price climbed 3.1% year on year to RMB 6,590 in 2011.

In the month of December, the company's property sales were RMB 1.28 billion, and its sales area was 178,000 sq m, with average price at RMB 7,214 per sq m.

The company's property sales have experienced significant drop since November when a month-on-month decline of 86% was recorded.

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