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China Merchants Property spends RMB 4 bln on land purchases

Apr. 23, 2012 (China Knowledge) - China Merchants Property Development Co Ltd<000024><200024>, a real estate subsidiary of Hong Kong-based China, had spent around RMB 4 billion to acquire 1.19 million square meters of properties in potential floor area as of Apr. 20, according to a report from BOC International (China) Ltd.

The report indicated that the funds were around half of that real estate developer spent on land purchases in 2011.

Since the beginning of last December, China Merchants Property has acquired approximately 2.58 million sq m of properties in potential floor area for a total of RMB 7.8 billion, said a person familiar with the matter.

Board Chairman Lin Shaobin noted the company will consider acquiring more plots if property sales increase in the first half of this year, or less parcels would be purchased.

In the first quarter of 2012, the Shenzhen-listed firm earned RMB 429 million in net profit, down 23.53% from a year earlier, but its operating revenue grew 27.3% year on year to RMB 3.61 billion.

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