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Sino-Ocean Land's sales surge 25% to RMB 27 bln in 2011

Jan. 17, 2012 (China Knowledge) - Sino-Ocean Land Holdings Ltd<3377>, one of the largest real estate developers in Beijing and the Bohai Economic Rim, has posted 25% contracted sales growth for 2011 with sales totaling RMB 27 billion in the year.

The sales accounted for around 90% of the property developer's annual target of RMB 30 billion.

In a statement filed with the Hong Kong Stock Exchange, the company's contracted sales stood at RMB 3.1 billion in December 2011, 41% more than RMB 2.2 billion it realized from a month earlier.

Last month, Sino-Ocean Land did not acquire any plot, said the company. Analysts noted that the firm only got a property in Shenzhen for RMB 2.26 billion in the second half of last year.

Sino-Ocean Land, which opened its first Tianjin-based department store with a floor area of 80,000 square meters on December 19, 2011, aims to open a total of ten shopping malls in China by 2015.

Wang Fushun, General Manager of the company's commercial property division, said Sino-Ocean Land currently owns nearly 20 commercial property projects under construction.






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