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CC Land's contracted sales nearly double in Dec

Jan. 10, 2012 (China Knowledge) - CC Land Holdings Ltd<1224>, a real estate developer based in Chongqing, one of the four municipalities under the direct control of the central government in China, reaped RMB 1.11 billion in contracted sales in December 2011, reflecting a year-on-year increase of 96% or a sequential jump of 262%.

The Hong Kong-listed firm's contracted sales area for last month increased 66% year on year or surged 178% month on month to 120,000 square meters.

For the whole year of 2011, the property developer saw its contracted sales up 10% from two years earlier to RMB 6.38 billion, accounting for 85% of its 2011 sales target of RMB 7.5 billion. Contracted sales area totaled 741,000 sq m last year.

In addition, CC Land has secured a three-year loan worth RMB 600 million to replenish working capital.

The company is considering to spin off its manufacturing and sales business of packing supplies and display to list the assets on the Hong Kong Stock Exchange, said a person familiar with the matter.

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