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Shanghai Forte Land's sales hit nearly RMB 10 billion in 2011

Jan. 18, 2012 (China Knowledge) - Shanghai Forte Land Co Ltd, controlled by Fosun International Ltd<0656>, China's largest privately-owned conglomerate, announced yesterday that its contracted sales totaled RMB 9.42 billion last year.

In a statement, the real estate developer said its contracted sales stood at RMB 1.77 billion with sales area reaching 178,889 square meters in December 2011. In November, the firm sold 94,454 sq m of properties for a combined RMB 1.02 billion in contracted sales.

However, the company has yet released its fiscal result for 2011. The firm's operating revenue for 2010 reached RMB 8.65 billion, surging 66.9% year on year.

Shanghai Forte Land spent approximately RMB 7.2 billion on land purchases last year in China, including the cites of Nanjing, Hangzhou, Changsha and Chongqing, said Board Chairman Zhang Hua, adding that the firm may acquire more plots in Midwest China this year.

Being delisted from the Hong Kong Stock Exchange last May, Shanghai Forte Land has kicked off construction on a major mixed-use project at the Bund, Shanghai with a designed floor area of 45,472 sq m.

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