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Greenland's property sales for 2011 soar 32%

Jan. 18, 2012 (China Knowledge) - Shanghai-based Greenland Group, one of the largest unlisted real estate developers in China, yesterday posted over RMB 183 billion-operating revenue for 2011, 32% more than that in 2010.

In a statement, the company said its pre-tax profit stood at nearly RMB 20 billion last year, adding that it targets over 20% sales growth for 2012 with revenue reaching approximately RMB 230 billion.

The property developer has started commercial property expansion with more than 3 million square meters of operating commercial properties and more than 10 million sq m of commercial properties are under construction, said Board Chairman Zhang Yuliang.

Zhang added that the firm focused on real estate development in Chinese second and third-tier cities last year.

Besides the property sector, Greenland is also engaged in energy and finance industries with current coal reserves totaling nearly 600 million tons and annual coal output capacity exceeding 15 million tons.

Total assets in financial segment are expected to reach RMB 30 billion in 2012 and around RMB 100 billion within three years, said Greenland.

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