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Central China Real Estate exceeds sales target by 11%

Jan. 13, 2012 (China Knowledge) - Central China Real Estate Ltd<0832>, a Henan Province-based property firm, reaped RMB 8.12 billion in contracted sales last year, reflecting a year-on-year increase of 48% or exceeding its 2011 sales target of RMB 7.3 billion by 11%, sources reported.

Last year, the Hong Kong-listed firm's sales area increased 19.1% from a year earlier to 1.33 million square meters, which was 7.6% less than its annual target due to higher average sales price.

The average price stood at RMB 6,118 per sq m, 19.9% more than previously estimated RMB 5,100 per sq m.

In December alone, the company saw its contracted sales plunge 56% year on year to RMB 215 million, and its contracted sales area also declined 29% from a year earlier to 33,625 sq m. Average price reached RMB 6,410 per sq m last month.

Central China Real Estate acquired seven pieces of land at a total consideration of RMB 3.5 billion or RMB 866 per sq m of potential floor area last year. The seven plots are expected to have a potential floor area of 3.15 million sq m.

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