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Shimao Property's sales for Apr surge 84.4%

May. 8, 2012 (China Knowledge) - Shimao Property Holdings Ltd<0813>, a Shanghai-based property developer founded by Chinese billionaire Xu Rongmao, has posted RMB 4.06 billion of contractual sales for last month, 84.4% more than in the month of March.

In April, the Hong Kong-listed firm's contractual sales area also surged by 40% from a year earlier to 372,100 square meters.

During the period from January to April, the real estate developer sold over 950,000 sq m of properties for a total of RMB 11.36 billion, accounting for 37% of its annual target. The average price stood at RMB 11,960 per sq m.

Analysts from Citibank have noted Shimao Property would meet its sales target of RMB 31 billion this year, as the firm saw a consecutive increase in contractual sales of a combined RMB 3 billion in January and February, RMB 4 billion in March and over RMB 4 billion in April.

Stronger sales would be expected in the second quarter of 2012, the analysts added.

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