Developers' contracted sales increase

Business | Stella Zhai 3 Jan 2020

Mainland developers posted sales growth during the last year, with China Evergrande's (3333) contracted sales rising 9 percent from 2018 to 601.06 billion yuan (HK$672.67 billion).

Full-year contracted sales exceeded its 2019 target of 600 billion yuan as price cuts in September and October boosted sales, said the company. The total contracted sales area meanwhile expanded 11.5 percent from a year ago to 58.46 million square meters, with an average price of 10,281 yuan per sqm.

The company set the sales target for this year at 650 billion yuan, an 8.3 percent increase from 2019.

Guangzhou R&F Properties (2777) saw a contracted sales of 138.19 billion yuan for 2019 with 12.55 million sqm sold, up 5 percent and 23 percent from 2018, respectively.

R&F's sales in December also added 30 percent month-on-month or 4 percent year-on-year to 17.9 billion yuan, selling out 1.34 million sq m.

Another Guangzhou-based developer, China Aoyuan (3883), posted its contracted sales for 2019 which rose 29 percent year-on-year to 118.06 billion yuan.

Midea Real Estate (3990) also saw its contracted sales last year spiked 28.1 percent to 101.23 billion yuan, with contracted sales area increasing 26.8 percent from a year ago to 10.02 million sqm.

Shares of the developers overall jumped, as China Evergrande gained 2.78 percent on Thursday, closing at HK$22.20. R&F Properties rose 5.56 percent to HK$15.18 while China Aoyuan and Midea Real Estate grew 1.57 percent and 2.72 percent to HK$12.90 and HK$24.55, respectively.

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