Country Garden sees home sales jump
June 6, 2024
Country Garden sold more properties in May, becoming the second major Chinese developer to see its turnover improve after Beijing launched a historic rescue package to shore up its battered real estate segment, reports the South China Morning Post. The Foshan-based company that was once China’s top home builder by sales shifted RMB 4.29 billion ($592 million) worth of properties last month, equivalent to 440,000 square metres (4.7 million square feet) of gross floor area, according to a filing with the Hong Kong stock exchange on Wednesday.
That was 11.4% higher than its April sales of 3.85 billion yuan for contracted gross floor area of about 430,000 square metres.
It was about the same increase as that seen by China Vanke, another crisis-hit developer, which said home sales in May rose 11.3% from the previous month to RMB 23.3 billion, in a filing on Monday with the Shenzhen Stock Exchange.