Sales of Poly Real Estate by floor space up nearly 40 pct on yr in Nov.
Dec. 8 (Xinhua) - Poly Real Estate Group Co. (600048.SH), China's second largest property developer by market value, announced on Monday that its contracted sales by floor space decreased 2.65 percent year on year in the first 11 months of this year to 9.35 million square meters, but that by value increased 7.48 percent to 119.41 billion yuan.
In November, the property developer saw sales of 1.03 million square meters by floor space, up 37.58 percent from the same period of last year and the contracted sales value surged 20.87 percent to 12.53 billion yuan.
Poly Real Estate also disclosed that in the month it bought two plots of commercial and residential land in Chengdu, capital city of southwest China's Sichuan province, for 506 million yuan; one plot of commercial and residential land in Foshan, a city in south China's Guangdong province, for 647 million yuan; and two residential land plots in Wuhan, capital of central China's Hubei province, for 720 million yuan.
A total of 11 Chinese property developers have announced their property sales in November, among which Evergrande (03333.HK) and Greentown China (03900.HK) have accomplished the sales target for this year in advance as of November; China Vanke (000002.SZ), R&F Properties (02777.HK) and Sino-Ocean Land (03377.HK) have accomplished nearly 90 percent of their annual targets; Beijing Capital Land (02868.HK) and Longfor Properties (00960.HK) have accomplished more than 70 percent; while Hopson Development (00754.HK) only accomplished less than 40 percent.
Industry analysts reckon that in spite of recovery in sales figures, a part of property developers are still under heavy pressure of destocking. Market segmentation will exists in cities of different tiers and the property developers will move on in different ways based on their operating strategies, management capacities as well as business focuses. (Edited by Luo Jingjing, email@example.com)