Shimao Group Holdings has become the latest mainland Chinese developer to report higher property sales aided by Beijing’s stimulus package aimed at reviving the crisis-hit real estate sector, reports the South China Morning Post. The Shanghai-based company said May sales came to RMB 2.92 billion ($402 million) worth of properties covering a total area of 229,177 square meters (sqm) (2.47 million square feet), in a filing with the Hong Kong stock exchange on Friday.
That was about 12% higher than the RMB 2.61 billion of properties spanning 203,099 sqm that Shimao recorded in April. Compared to May last year, however, sales fell by 27%.
In the first five months of the year, Shimao shifted RMB 13.78 billion worth of properties, a 42% slump from the RMB 23.86 billion of sales it reported in the same period of 2023.