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Major Chinese developers see drop in sales prices in Jan-Feb

Mar. 19, 2012 (China Knowledge) - Major real estate developers in China saw their average sales prices continue downward trend in the first two months of this year, due to the Chinese government's efforts in cooling down the country's property market.

China Vanke Co Ltd<000002><200002>, the country's largest listed residential property developer, recorded average sales price of RMB 9,979 per square meter during the period from January to February, down 11.7% from RMB 11,303 in 2011.

Poly Real Estate Group Co Ltd<600048>, a property subsidiary of state-owned China Poly Group Corp, sold a total of 502,800 sq m of properties at RMB 10,199 per sq m in the first two months, down 9.45% from RMB 11,263 sq m in the previous year.

Evergrande Real Estate Group Ltd<3333> saw its average sales price fall 6.6% to RMB 6,154 per sq m in the two-month period from RMB 6,590 per sq m in 2011.

Gemdale Corp<600383> experienced a sharp decline of 24% in average sales price, which drop to RMB 10,513 per sq m from RMB 13,828 per sq m last year.

Chinese Premier Wen Jiabao said last Wednesday at a news conference after the conclusion of China's annual National People's Congress session that the government will not loosen its regulation on housing prices as they are still far from falling back to a reasonable level.

In the first two months, China's property sales dived 20.9% year on year to RMB 414.5 billion and the sales area declined 14.0% to 70.04 million sq m, according to figures released earlier by the National Bureau of Statistics.

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