Major property developers report robust sales in early 2013

BY    2013-03-10 16:14:24

  Poly Real Estate Group, the nation's second-largest property developer, posted a sharp rise in revenue for the first two months of the year, with a 265.04 percent year-on-year increase, the company said on Thursday.

  In an announcement to the Shanghai Stock Exchange, it said it sold 911,800 square meters of gross floor area in February, up 141.31 percent year-on-year, and its revenue in the same month rose 133.33 percent to 8.4 billion yuan ($1.3 billion).

  During the same period, Gemdale Corp, a Shenzhen-based developer, reported a 150 percent rise in contract value.

  The Shanghai-listed developer sold 328,000 square meters of gross floor area to post revenue of 4.1 billion yuan in January and February, an increase of 110.26 percent and 150 percent year-on-year, respectively.

  China Vanke Co, the nation's largest home builder, posted 28.4 billion yuan in revenue by selling a total of 2.44 million square meters of gross floor area in the first two months, growth of 49 percent and up to 28 percent year-on-year, the Shenzhen-listed company said on Tuesday.

  More property developers are looking to cash in on the market rebound and avoid the impact of tightening policies in the first half of the year, according to analysts.

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