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China Overseas Land's property sales up 29.8% in 2011

Jan. 12, 2012 (China Knowledge) - China Overseas Land & Investment Ltd<0688>, a major real estate developer of state-owned China State Construction Engineering Corp Ltd<601668>, has posted HK$87.09 billion-sales revenue for 2011, which reflected a year-on-year increase of 29.8% or exceeded its annual target of HK$80 billion.

Last year, the Hong Kong-listed property company sold 5.58 million square meters of properties, 5.3% more than it sold in 2010.

In December alone, China Overseas Land & Investment sold 364,000 sq m of properties for a total of HK$5.53 billion, of which HK$1.52 billion was derived from property sales in North China, including Shenyang, Changchun, Dalian and Qingdao, up 26.7% from two years ago.

Sales area in North China increased 8% year on year to 146,000 sq m.

In the Bohai Economic Rim, the company saw sales revenue surge 78.9% from a year earlier to HK$1.32 billion, and the sales area for the region amounted to 59,500 sq m, up 44.1% year on year.

Last month, the real estate developer paid a total of RMB 960 million to acquire two plots, one in Ningbo of Zhejiang Province and one in Wuhan of Hubei Province, bringing the firm's net addition of land reserves in 2011 to 10.56 million sq m of potential floor area, sources reported.

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