Apr. 9, 2012 (China Knowledge) - Greenland Group, a Shanghai-based
property developer, aims to earn RMB 230 billion in sales revenue this year, said Board Chairman Zhang Yuliang.
Of the total sales, property sales are expected to reach RMB 100 billion, Zhang added.
In 2011, Greenland's contractual sales amounted to RMB 77.6 billion, second only to China's real estate giants Evergrande Real Estate Group Ltd<3333> with RMB 80.39 billion and China Vanke Co Ltd<000002
> with RMB 121.54 billion.
Zhang also noted that sales of commercial properties would account for between 45% and 50% of the firm's total property sales in 2012. Around 80% of the firm's sales in residential property sector this year are expected to meet the rigid demand.
More projects would be launched in small cities, especially the Chinese third and fourth-tier cities, said Zhang.
At the end of last year, Greenland had more than 50 million sq m in land reserves of potential floor area, almost equaled that of Country Garden Holdings Co Ltd<2007
>, said a person familiar with the matter, adding that Evergrande Real Estate's land reserves were 137 million sq m as of Dec. 31, 2011.