Mar. 7, 2012 (China Knowledge) - Shimao Property Holdings Ltd<0813
>, a Shanghai-based
property developer founded by Chinese billionaire Xu Rongmao, saw its sales increase 70.9% from a year earlier or jumping 128% month on month to RMB 2.01 billion in February.
Contracted sales area for last month totaled 205,263 square meters, up 97% year on year, sources reported.
The average price was RMB 10,089 per sq m in February, less than RMB 18,064 per sq m in January. Because most of the firm's property sales were in China's second and third-tier cities, said analysts.
The Hong Kong-listed
real estate developer did not launch any new property project last month with properties sales in existing properties mainly in Nanjing
, a joint project Shimao Property developed with China Overseas Land & Investment Ltd<0688
> is expected to cut prices for better sales performance in China's sluggish property market, said a person familiar with the matter, adding that more small-sized apartments would be sold in the promotion.