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Glorious Property missed 2011 sales target

Jan. 9, 2012 (China Knowledge) - Glorious Property Holdings Ltd<0845>, which mainly operates real estate business in the Yangtze River Delta, announced that its property sales rose 5.1% year on year to RMB 13.32 billion in 2011.

The sales last year only accounted for 88.8% of the company's target of RMB 15 billion for the year.

The Hong Kong-listed developer sold 1.57 million square meters of properties last year, 36.5% more than that in 2010.

Last year, the developer's sales in Northeast China soared 103.1% year on year to RMB 4.27 billion, and sales area in the region jumped 133% year on year to 700,000 sq m.

In the month of December, the company's property sales were only RMB 550 million and sales area was 59,000 sq m, both showing declines from the previous month.

As of the end of last year, the company had land reserves of 19.6 million sq m, which is enough for development of five to seven years.

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