Apr. 9, 2012 (China Knowledge) - Shimao Property Holdings Ltd<0813
>, a Shanghai-based
property developer founded by Chinese billionaire Xu Rongmao, realized more than RMB 7 billion in contractual sales in the first quarter of this year.
In March alone, the Hong Kong-listed
firm's contractual sales reached about RMB 4 billion, doubling that in February.
Chairman Xu said the property market in mainland China would recover gradually.
Shimao Property, an affiliate of ShangHai ShiMao Co Ltd<600823
>, reaped RMB 11 billion in operating profit last year, up 18.5% from a year earlier. The firm's gross profit totaled RMB 10 billion, 25.4% more than in 2010.
Operating revenue of Shimao Property increased 19.5% year on year to RMB 26 billion in 2011.
At the end of last year, Shimao Property had RMB 14 billion in cash and land reserves of 39.5 million square meters in potential floor area.