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China Overseas Land targets HK$80 bln sales in 2011

Feb. 3, 2012 (China Knowledge) - China Overseas Land & Investment Ltd<0688>, a major real estate developer of state-owned China State Construction Engineering Corp Ltd<601668>, aims to sell HK$80 billion of properties this year, said Chairman Kong Qingping on yesterday.

This year’s sales target is almost on par for 2011 though Kong predicts that the mainland's property market will further cool down this year.

Last year, the developer's property sales reached HK$87.09 billion, reflecting a year-on-year increase of 29.8%. The company sold 5.58 million square meters of properties, 5.3% more than it sold in 2010, China Knowledge reported earlier.

Chinese premier Wen Jiabao said Tuesday that the government will continue its regulation on the real estate market.
In January, the average property price in 100 Chinese cities fell 0.18% to RMB 8,793 square meters. The figure represented a month-on-month decline for the fifth consecutive month, according data from China Real Estate Index System.

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