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Sunac China's property sales over triple in Mar

Apr. 9, 2012 (China Knowledge) - Sunac China Holdings Ltd<1918>, an integrated residential and commercial property developer in China, has posted RMB 2.04 billion-contractual sales for March, reflecting a year-on-year jump of 221%.

Contractual sales area for last month reached approximately 122,000 square meters. Average price amounted to RMB 16,750 per sq m.

Of the total sales, 38% was derived from property sales in Tianjin, 27% in Beijing, 15% in Chongqing and a combined 20% in Wuxi, Suzhou and Yixing of Jiangsu Province.

In the first quarter of this year, the Hong Kong-listed real estate developer reaped RMB 4.26 billion in contractual sales, up 70.4% from a year earlier, and its contractual sales area stood at 273,000 sq m. Average price was RMB 15,620 per sq m.

Last year, Sunac China's sales revenue surged 130.5% year on year to RMB 19.21 billion, and the firm's gross profit increased by 23.9% from a year earlier to RMB 3.57 billion.

Board Chairman Sun Hongbin said the company targets 25% sales growth for 2012, adding that Sunac China will continue focusing on property development in Chinese first and second-tier cities and seeking opportunities to acquire land.

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