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China Overseas Land's sales soar 32% in Q1

Apr. 18, 2012 (China Knowledge) - China Overseas Land & Investment Ltd<0688>, a major real estate developer of China State Construction Engineering Corp Ltd<601668>, China's largest property and construction conglomerate, reaped HK$26.1 billion in contractual sales in the first quarter of this year, reflecting a year-on-year increase of 32%.

The property sales accounted for 32.6% of China Overseas Land's annual target of HK$80 billion, 8% less than its contractual sales of HK$87 billion for 2011.

In the three months ended Mar. 31, 2012, the Hong Kong-listed firm's operating revenue totaled HK$11.79 billion, up from HK$10.16 billion a year earlier.

Operating profit for the first quarter of this year was HK$4.18 billion, a rise of 10.6% year on year from HK$3.78 billion.

The real estate developer said it bought a piece of land in the quarter with a potential floor area of 730,000 square meters.

China Overseas Land has developments in first and second-tier Chinese cities, including Beijing, Nanjing of Jiangsu Province, Chongqing and Hangzhou of Zhejiang Province.

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