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Evergrande Real Estate's property sales down 13% MoM in Aug

Sep. 12, 2012 (China Knowledge) - Evergrande Real Estate Group Ltd<3333>, a large Chinese property developer, announced yesterday that its contractual sales were RMB 7.18 billion in August this year, down 21% year on year or 13% month on month.

The company's sales area fell to 1.18 million square meters last month from 1.33 million sq m in July. Average sales price stood at RMB 6,076 per sq m in August, down from RMB 6,213 per sq m in the previous month.

In the first eight months of this year, the developer's contractual sales amounted to RMB 50.46 billion, down 16% YoY and accounting for 63.1% of its sales target of RMB 80 billion for this year. Contractual sales area totaled 8.28 million sq m in the period.

The company launched seven new development projects in August, bringing the number of projects for sale to a total of 163.

Evergrande Real Estate said earlier that its net profit rose only 1.1% YoY to RMB 5.66 billion in the first half of this year.

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