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Evergrande Real Estate's sales plunge 77.3% in Jan

Feb. 15, 2012 (China Knowledge) - Evergrande Real Estate Group Ltd<3333>, a Chinese property giant, today posted RMB 2.22 billion-contracted sales for January, reflecting a year-on-year drop of 77.3%.

In a statement filed with the Hong Kong Stock Exchange, the firm's contracted sales area plummeted 73.5% from a year earlier to 37,300 square meters last month. In December 2011, the company saw an increase of 73.4% and 110% in contracted sales and sales area, respectively.

The average price for January reached RMB 5,956 per sq m, declining 14.3% year on year and also sliding from RMB 7,214 per sq m last December. In 2011, Evergrande Real Estate's average price stood at RMB 6,590 per sq m.

Chairman Xu Jiayin has said the company targets RMB 80 billion-sale revenue for 2012, a little less than the firm's property sales of RMB 80.39 billion last year.
Early this year, Evergrande Real Estate acquired a 40% stake in a property project in Guangzhou from MB Asia Real Estate Fund, controlled by U.S. private equity firm Blackstone, for HK$1.26 billion to become sole owner of the Guangzhou project, sources reported.

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