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China Overseas Land's property sales double in July

(Xinhua)
Updated: 2009-08-07 10:20

China Overseas Land and Investment Ltd, a major mainland real estate company listed in Hong Kong, announced Thursday that its property sales in July reached HK$4.1 billion ($529 million), surging 112.7 percent over the same period last year.

In July, the company sold 421,500 sq m of floor space, jumping 144.6 percent year-on-year, said the company in a statement.

From January to July this year, the total property sales amounted to HK$30.4 billion and the total floor space sold reached 3,248,600 sq m, up 71.1 percent and 97.9 percent, respectively, as compared to the same period of last year.

Related readings:  China's property climate index up for three straight months  Property prices edge up in June  Property prices increase for four consecutive months  Property transactions up 20% in June

By the end of July, the Pearl River Delta Region realized the strongest property sales, while the Yangtze River Delta Region recorded strongest percentage growth in floor space sold.

Currently, the company has a total land reserve of 24.8 million sq m, which is sufficient to meet the requirement of the company's development in the coming four-five years, says the statement.