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China Overseas Land's property sales down 20.6% MoM in Aug

Sep. 11, 2012 (China Knowledge) - China Overseas Land & Investment Ltd<0688>, a major real estate developer of China State Construction Engineering Corp Ltd<601668>, said that its property sales were HK$8.02 billion in August this year, up 80.3% year on year but down 20.6% month on month.

The developer sold 612,000 square meters of properties last month, up 84.5% YoY but down 12.8% MoM.

Projects in Bohai Rim contributed the most sales, which stood at HK$2.69 billion last month, with sales area surging 265.6% to 209,000 sq m.

In the first eight months of this year, the company's property sales totaled HK$83.28 billion, reflecting a growth of 28.6% YoY. Sales area amounted to 5.26 million sq m in the period, up 35.1% YoY.

The company's net profit attributable to shareholders rose 17.7% YoY to HK$8.38 billion (RMB 6.87 billion) in the first half of this year, nearly double the RMB 3.73 billion net profit of China Vanke Co Ltd<000002><200002>.

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