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Longfor Properties' sales up 14.8% in 2011

Jan. 10, 2012 (China Knowledge) - Longfor Properties Co Ltd<0960>, Chongqing's Hong Kong-listed property developer, has posted RMB 38.27 billion-contracted sales for 2011, reflecting a year-on-year increase of 14.8%.

Contracted sales for last December stood at RMB 2.65 billion.

The contracted sales were RMB 1.8 billion less than its annual target of RMB 40 billion in 2011. Of the total sales, RMB 17.4 billion was derived from West China, RMB 12.37 billion from the Bohai Economic Rim, including Beijing with contracted sales of more than 1 billion in five projects, and RMB 8.5 billion from the Yangtze River Delta.

The real estate developer sold 3.29 million square meters of properties last year, 33.9% more than that in 2010.

Longfor Properties aims to operate 18 commercial projects by the end of 2014 with an operating floor area of 2 million sq m, said a person familiar with the matter, adding that the profit contributed by the firm's commercial properties would account for 15% to 20% of its total profit.

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