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Yuzhou Properties' contracted sales double in May

Jun. 7, 2012 (China Knowledge) - Yuzhou Properties Co Ltd<1628>, a real estate developer headquartered in Xiamen, Fujian Province, has posted RMB 882 million-contracted sales for May, reflecting a YoY jump of 1.56 folds and a MoM increase of 13%.

Last month, the Hong Kong-listed firm's contracted sales area grew by 20% MoM to around 107,400 square meters, more than tripled that of May 2011.

The company's market share in Xiamen's residential property market was around 11.2% in May 2012, said a person familiar with the matter, adding that the proportion for the first four months of this year was nearly 20%.

In the first five months of this year, Yuzhou Properties reaped RMB 3.16 billion in contracted sales, surging 116% from a year earlier, while the firm's contracted sales area jumped 158% YoY to 367,943 sq m. In the same period, the firm's average selling price was RMB 8,575 per sq m, sources reported.

In addition to the RMB 1 billion of subscribed sales, the company's sales revenue would total around RMB 4 billion, accounting for 80% of its annual target, said Chairman Lam Lung On.

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