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Gemdale Corp's 2011 property sales up 9.1%

Jan. 6, 2012 (China Knowledge) - Gemdale Corp<600383>, a Shanghai-based real estate developer, announced yesterday that its property sales rose 9.1% year on year to RMB 30.92 billion in 2011.

The Shanghai-listed developer only fulfilled 77% of its sales target of RMB 40 billion for 2011.

Gemdale said in a statement filed with the Shanghai Stock Exchange that it sold 2.24 million square meters of properties last year, 2.4% less than that in the previous year.

In the month of December, the company's property sales grew 18% year on year to RMB 4.71 billion, ending year-on-year declines for four consecutive months. Sales area jumped 22.2% year on year to 307,000 sq m last month.

Bigger rival China Vanke Co Ltd<000002><200002> said earlier that its property sales reached RMB 121.54 billion in 2011, 12.4% more than the RMB 108.2 billion it achieved in 2010.

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