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China Resources Land buys plots in Xi'an for RMB 900 mln

Sep. 7, 2012 (China Knowledge) - China Resources Land Ltd<1109>, the Hong Kong-listed real estate unit of China Resources (Holdings) Co Ltd, recently bought four plots with a combined area of 400 Mu for a total of RMB 900 million.

This is the developer's first land purchase in the city, which will help the firm set a foothold there and expand its presence in Northwest China.

In August, the company's contractual sales surged 42% YoY to RMB 5.96 billion, taking its property sales in the first eight months to a total of RMB 33.9 billion, which accounted for 85% its sales target of RMB 40 billion for this year.

Management of the developer expected that its contractual sales may reached RMB 50 billion this year.

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