Hong Kong property news: Developer posts strong sales

Country:  Hong Kong

10 September 2009

Top Chinese property development firm China Overseas Land and Investment announced today that its apartment sales in Hong Kong for the first eight months of 2009 increased 80% compared to the corresponding period last year to HK$34bn (£2.7bn) thanks to strong residential demand.

The housebuilder said it sold 3.62m sqm of apartments during the Jan-August period, up 103.2% from the same period in 2008.

In August the volume of apartments sold increased by a staggering 219% year-on-year to HK$3.6bn (£281m) with the total gross floor area sold rising 166% to 366,600sqm, the company announced.

China Overseas Land and Investment have set a target of selling 4.3m sqm of residential property this year, compared with a previous target of 3.5m sqm.

Chairman Kong Qingping says that the company has a total land reserve of 25.98m sqm, sufficient to meet its needs for the next four years.

See Also:   China Overseas Land and Investment, Hong Kong, Marc Da-Silva