China developers' sales slump by 70pc

Chinese developers Sunac China (1918) and Agile Group Holdings (3383) saw their contracted sales slump by more than 70 percent last month.

Sunac China's contracted sales plunged by 78 percent to 8.04 billion yuan (HK$8.98 billion) last month compared to a year ago, with the contracted sales area dropping by the same figure to 605,000 square meters, with an average selling price of about 13,290 yuan per square meter.

As of end-November, the group had contracted sales of approximately 161.1 billion yuan with a contracted sales area of about 12.18 million sq m.

Meanwhile, Agile said aggregated presales in November tumbled by 70 percent year-on-year to 3.6 billion yuan, with the corresponding gross floor area dropping by the same figure to 295,000 sq m. Its average selling price was 12,219 yuan per sq m.

Aggregate presales for the first 11 months was 61.38 billion yuan.

Meanwhile, one of the biggest Chinese developers, Country Garden (2007), saw its contracted sales decrease by 37 percent year-on-year to 26 billion yuan last month, with a sales area of 3.22 million sq m.

Sales for the first 11 months were 335.4 billion yuan, a 37 percent year-on-year decline.