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Property developer Kaisa's sales soar 40% in Jan

Feb. 7, 2012 (China Knowledge) - Kaisa Group Holdings Ltd<1638>, which principally develops real estate in China's Pearl River Delta, has posted RMB 558 million-contracted sales for January, reflecting a year-on-year increase of 40%.

However, sales plunged 69% from December 2011, said a person familiar with the matter.
Contracted sales area surged 44% from a year earlier to 70,013 square meters last month. Average sales price stood at RMB 7,976 per sq m in January 2012, compared with RMB 12,470 per sq m in December 2011, representing a decline of 36%.

Hong Kong-listed Kaisa said 58% of the total sales were derived from property sales in the Pearl River Delta, while a combined 26% principally in Chengdu and Chongqing, 11% in the Yangtze River Delta and only 2% in the Bohai Economic Rim.  

As of January 31, 2012, Kaisa had around 7.03 million sq m of properties under construction and 16.39 million sq m in land reserves of potential floor area, sources reported.

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