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Shimao Property's 2011 sales climb to RMB 30.7 bln

Jan. 10, 2012 (China Knowledge) - Shimao Property Holdings Ltd<0813>, a Shanghai-based property developer founded by Chinese billionaire Xu Rongmao, yesterday announced that it reaped RMB 30.70 billion in contracted sales last year, reflecting a year-on-year climb of 0.65% from RMB 30.50 billion.

The sales for 2011, however, accounted for 85% of the firm's annual target of RMB 36 billion.

The company's contracted sales area increased 5.53% from two years earlier to 2.39 million square meters last year.

Average price of the property developer was RMB 12,845 per sq m last year, up 6.56% year on year from RMB 12,054 per sq m.

In December alone, the company sold 179,600 sq m of properties for a total of RMB 2.24 billion in contracted sales, compared with RMB 1.74 billion in November, RMB 2.2 billion in October and RMB 3.6 billion in September respectively.

Last year, Shimao Property had properties for sales in 47 projects, of which only 12 projects, including two in Beijing, had good performance, said a person familiar with the matter without disclosing details.

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