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Guangzhou R&F Properties' sales for 2011 exceeds RMB 30 bln

Jan. 11, 2012 (China Knowledge) - Guangzhou R&F Properties Co Ltd<2777>, one of the five major real estate developers in Guangdong Province, yesterday posted RMB 30.04 billion-subscription sales for 2011, lower than its annual target of RMB 32 billion.

The company reduced its 2011 sales target to RMB 32 billion from RMB 40 billion last September, compared with RMB 32.25 billion it realized in 2010.

Sales area for last year totaled 2.26 million square meters, said the company.

In December alone, the Hong Kong-listed firm sold 238,000 sq m of properties for a total of RMB 3.03 billion, more than RMB 2.8 billion the company earned from a month earlier.

Of the total revenue last month, RMB 930 million was derived from property sales in Guangzhou, RMB 532 million in Beijing, RMB 228 million in Tianjin, RMB 299 million in Shanghai and RMB 207 million in Taiyuan.  

Analysts said most of Guangzhou R&F Properties' sales were contributed by high-end property projects, especially in its headquarters in Guangzhou.

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