Poly sales up in first 11 months: now facing challenges

Poly Real Estate Group, China’s second-largest developer in terms of value, said in a statement filed with the Shenzhen Stock Exchange that it has sold approximately 2.35 million square meters of properties in the first 11 months, sales of RMB 18.74 billion, up 28% from a year earlier.

However, the gains are still smaller than the company’s earlier expectation, said Poly Real Estate, which set its sales target at RMB24 billion this year.

Last week, China Vanke, the country’s largest real estate developer, announced it realized sales revenue of RMB42.53 billion in the first 11 months of this year. This was down 7.9% over the corresponding period of last year.

The Shenzhen-based developer had set a sales target of RMB80 billion for this year. Last year, China Vanke achieved sales income of RMB52.36 billion.
Source: China Knowledge