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KWG Property's pre-sales surge 73% MOM in Mar

Apr. 10, 2012 (China Knowledge) - KWG Property Holding Ltd<1813>, a real estate developer based in Guangzhou of Guangdong Province, earned RMB 1.03 billion in pre-sales last month, reflecting a sequential jump of 73%.

The pre-sales, however, declined 3.64% year on year from RMB 1.07 billion.

In March 2012, the Hong Kong-listed firm's pre-sales area surged 43% month on month to approximately 70,800 square meters.

Last June, the property developer won a land bid in Dongcheng District, Beijing for RMB 710 million or as much as RMB 43,227 per sq m of potential floor area, a record high in the city. The plot covers an area of 6,030.6 sq m and will have a floor area of 16,242.7 sq m.

KWG Property saw its pre-sales total around RMB 11.5 billion in 2011, reflecting a year-on-year increase of 5%. Pre-sales for December 2011 grew by 23% from a year earlier to RMB 550 million.

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