Evergrande Real Estate (3333.HK) said it has exceeded its annual sales target of US$5.98 billion, with contract sales in the first 10 months of the year reaching US$6.16 billion, the South China Morning Post reported. The developer also said it expected contract sales to grow 20-30% next year thanks to the rapid development of third-tier cities. It plans to sell as many as 150 projects in 2011, compared with 52 projects this year. Evergrande expects continued sales growth despite Beijing’s imposition of tightening measures aimed at holding down property prices. Those measures have impacted property developers’ earnings: Evergrande competitor KWG Property (1813.HK) reported a 25% year-on-year decline in sales last month.
Categories