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Shimao Property's sales soar 128% MOM in Feb

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, Kunming and Jinjiang.

In Hangzhou, 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.

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