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KWG Property's pre-sales for May up 10% MoM

Jun. 5, 2012 (China Knowledge) - KWG Property Holding Ltd<1813>, a real estate developer based in Guangzhou of Guangdong Province, realized nearly RMB 1.11 billion in pre-sales last month, reflecting a MoM increase of 10%.

In a statement, the Hong Kong-listed firm said its pre-sales area for May grew by 7% MoM to approximately 79,000 square meters.

Around 30% of the total pre-sales was derived from Guangzhou, 22% from Shanghai, 17% from Chengdu of Sichuan Province, 15% from Suzhou of Jiangsu Province and a combined 16% from Beijing and Tianjin.

In the first quarter of this year, the real estate developer realized RMB 2.03 billion in contracted sales, consisting of RMB 405 million in January, RMB 598 million in February and RMB 1.03 billion in March.

Chairman Kong Jian Min previously said the company aims to earn RMB 12 billion in sale revenue this year, by selling properties in 20 projects, including eight new projects, with sales area totaling 1.8 million square meters.

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