Evergrande sales shoot up in January in bright start to year

Business | Tracy Hu 7 Feb 2018

Tracy Hu

China Evergrande (3333), one of the country's largest developers by sales, yesterday reported a 73 percent year-on-year growth in contracted sales for January to 64.36 billion yuan (HK$80.2 billion).

Last month, the corresponding contracted sales area was 6.24 million square meters, representing a year-on-year growth of 48 percent.

The average contracted selling price of properties was 10,319 yuan per square meter, said China Evergrande in a stock exchange filing.

Previously, the Shenzhen-based developer posted 500.96 billion yuan in contracted sales last year.

China Overseas (0688) said yesterday it saw a 4.4 percent growth to HK$25.83 billion in January contracted sales. The area sold was 1,569,500 square meters.

In addition, as at January 31, 2018, it recorded subscribed property sales of HK$22.983 billion, which are expected to be turned into contracted property sales in the following months.

In January, it acquired four land parcels in Foshan, Hangzhou, Beijing and Guangzhou with gross floor area of 1.2 million square meters for 11.33 billion yuan.

Meanwhile, Shimao Property (0813) saw contracted sales grow by 96 percent year on year to 10.02 billion yuan for last month. The contracted sales area for the period was 586,600 square meters, 75 percent higher than the same period last year.

China Overseas Grand Ocean (0081) saw its contracted sales in January grow by 165 percent to HK$3.23 billion. Contracted area for the period reached 275,600 square meters.

Although many of the developers had a great start to 2018, stocks of Hong Kong-listed mainland developers still saw a drop amid the crash yesterday after surging in past months.

At the close of trade yesterday, Country Garden (2007) dropped 11.15 percent, China Evergrande (3333) lost 10.69 percent and Sunac China (1918) dropped 9.81.

However, investment bank Nomura said yesterday the share price of mainland developers would further improve and stocks of major developers could grow by up to 40 percent.

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