China Overseas Land & Investment announced that its property sales amounted to an increase of 43.1% from a year earlier.
The sales area of the company also rose 71.3% from a year earlier to 625,000 square meters in March.
In the first three months, the company’s property sales surged 51.2% year on year to US$1.12 billion, while the sales area also increased 88.3% from previous year to 1 million square meters.
Currently, the company has a land reserve of 24.8 million square meters, which is expected to meet the property development demand for four to five years
According to Property Week the company has revived a plan to launch a real estate fund management unit to raise as much as $800m for investment in the mainland property market.
The Hong Kong-listed mainland developer, controlled by the Ministry of Construction, said the group would make some progress in setting up the fund this year.
China Overseas Land vice-chairman and chief executive Hao Jianmin, seen above, said, ‘We planned to launch the fund last year. However, it was postponed as Europe and the US were hit by the global financial crisis.’