New World Development, the conglomerate owned by one of Hong Kong’s wealthiest families, sold more than RMB 10 billion ($1.37 billion) worth of residential projects in mainland China in the first eight months of the year, the company said in a statement on Monday, reports the South China Morning Post. The total sales reported in this period catapulted New World China Land (NWCL), its China unit, into the ranks of the mainland’s top 100 developers, New World said citing three real estate think tanks.
The Greater Bay Area (GBA) and the Yangtze River Delta markets contributed 91% of NWCL’s revenue in this period, a positive development for its Hong Kong-based parent, which has about 21% of its total assets deployed in the GBA development zone.
“Benefiting from the group’s forward-looking strategy, high-quality developments and brand advantages, our projects have gained strong market recognition and achieved steady growth,” said Echo Huang, executive director of New World and CEO of NWCL. “With a sufficient supply of projects in the GBA and the Yangtze River Delta, the group is confident about maintaining sustained future growth.”