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Poly Real Estate's property sales down 69.35%

Feb. 8, 2012 (China Knowledge) - Poly Real Estate Group Co Ltd<600048>, a property subsidiary of state-owned China Poly Group Corp, said yesterday that its property sales plunged 69.35% year on year to RMB 1.51 billion in January this year.

The company said in a statement filed with the Shanghai Stock Exchange that it sold 125,000 square meters of properties last month, 74.69% less than in the same month of 2011.

Poly Real Estate also said that a subsidiary in Wuhan acquired a redevelopment plot in Wuhan for RMB 2.01 billion. The plot covers a land area of 170,000 square meters and will have a floor area of 718,200 sq m.

The developer said earlier that its contracted sales rose 10.69% year on year to RMB 73.24 billion in 2011, while its contracted sales area fell 5.54% year on year to 6.5 million sq m.

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