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Greentown China's sales nearly double in Apr

May. 9, 2012 (China Knowledge) - Greentown China Holdings Ltd<3900>, which is principally engaged in developing residential property projects, has posted RMB 3.67 billion-sales revenue for April, reflecting a year-on-year jump of 93% or a sequential increase of 17.6%.

Last month, the Hong Kong-listed firm sold 809 properties, totaling around 220,000 square meters, more than 844 properties, totaling about 156,000 sq m, it sold in March.

During the period from January to April, the property developer realized RMB 98 billion in sales revenue, accounting for 25% of its sales target of RMB 40 billion.

Greentown China started selling 73,000 sq m of properties in five new or existing real estate projects last month, including those in Shanghai, Hangzhou of Zhejiang Province.

Moody's Corp, a renowned U.S.-based credit rating firm, has downgraded Greentown China as it has RMB 20 billion in short-term debts, and the property developer had only RMB 5.9 billion in cash at the end of last year, said a person familiar with matter.

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