China Overseas Land, the largest local-listed mainland property developer, said it met its target for property sales in 2008, while January sales were boosted by strong demand in central and eastern China.
The mainland property firm said it sold $3.41 billion worth of property in 2008, up 19.3% from the previous year.
The company said the figure met its target of selling 2.7 million meters for the year, and in spite of concerns about weak sentiment in China’s property market.
Reuters reported that strong sales in the Yangtze River Delta Region and central China boosted January sales 60% on the year to RMB1.202 billion($176.1 million) with total gross floor area sold surging about 150% to 160,000 square meters.
The property developer said it had a land reserve of 25.27 million square meters, sufficient for its development use in the next 4 to 5 years.
Last week, China Overseas Land’s Chairman Kong Qingping said the China property market had bottomed out and expected the overall property environment to improve in 2009.