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Yuexiu Property's Dec sales over double

Jan. 12, 2012 (China Knowledge) - Yuexiu Property Co Ltd<0123>, formerly known as Guangzhou Investment Co Ltd, has posted RMB 1.7 billion-contracted sales for December 2011, reflecting a year-on-year jump of 128% or a sequential increase of 109%.

Last month, the Hong Kong-listed firm's contracted sales area skyrocketed 268.6% year on year or 291.6% month on month to 168,800 square meters.

In the whole year of 2011, the company's contracted sales totaled RMB 9.05 billion, up 2.2% from two years ago, and its contracted sales area grew 12% from 2010 to 608,400 sq m. The property developer previously planned to sell more than 540,000 sq m of properties for a total of RMB 9 billion last year.

Most of the total sales were derived from commercial property sales exceeding RMB 4.5 billion, especially in Yuexiu Property's headquarters Guangzhou, capital of Guangdong Province.

Yuexiu Property's parent company, Yuexiu Group, also the owner of both GZI Transport Ltd<1052> and GZI Real Estate Investment Trust<0405>, has announced plans to issue HK$1 billion worth of eight-year corporate bonds with a coupon rate of 6.4% to selected subscriber China Life Insurance Co Ltd<601628><2628><LFC>.

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