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SOHO China targets RMB 23 bln sales for 2012

Feb. 9, 2012 (China Knowledge) - SOHO China Ltd<0410>, a leading real estate developer in China, aims to double its contracted sales to RMB 23 billion this year, said Board Chairman Pan Shiyi.

In 2011, the Hong Kong-listed property developer's contracted sales totaled RMB 11.1 billion.  

Pan noted the company has allocated around RMB 10 billion on land purchases this year, principally in Beijing and Shanghai, adding that SOHO China expects higher profit margin by developing new properties instead of acquiring uncompleted buildings.

The Board Chairman indicated that the firm's contracted sales for January might have reached between RMB 7 billion and RMB 8 billion. He also estimated that the domestic property market would recover in the second quarter.

At the end of last year, SOHO China announced plans to acquire half a stake in a plot at the Bund, in Shanghai from Shanghai Zendai Property Ltd<0755> and Greentown China Holdings Ltd<3900> for about RMB 4 billion.

Pan said the acquisition is still in the process of negotiation, and he is confident to acquire the Shanghai plot, sources reported.

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