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Kaisa Group buys 2 property firms in Dalian

Jul. 18, 2012 (China Knowledge) - Kaisa Group Holdings Ltd<1638>, which principally develops real estate in China's Pearl River Delta, announced yesterday that it has agreed to acquire the entire stakes in two real estate firms in Dalian of Liaoning Province for RMB 814 million.

The two target firms have commercial plots with total land area of 26,609.8 square meters in the city's Zhongshan District.

Kaisa Group said that the acquisitions are expected to help expand its presence in Dailan and that it is optimistic of the market outlook.

Last month, the Hong Kong-listed developer spent RMB 1.08 billion to buy three plots in Shanghai and Wuhan of Hubei Province, after winning the bid for a plot in Guangzhou of Guangdong Province for RMB 280 million in May.

In the first six months of this year, the company's contractual sales jumped 44% YoY to RMB 6.5 billion, and its sales area amounted to 1.1 million square meters, up 77% YoY. Average sales price fell 19% YoY to RMB 5,858 per square meters in the period, China Knowledge reported earlier.

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