Although the figures of its property sales has yet to be revealed, it has been learned from the company that it has made steady and rapid growth in 1H 2008. As the company has steadily pushed forward its housing sales and development, it has received over RMB 10 bln in bookings for the year.

Hu Zaixin, chief marketing officer of the company, has told reporters that the company has performed well in housing sales in the first half of 2008. On their opening day on 15 June, two housing complexes in Beijing posted a total of RMB 2.11 bln in sales revenue. Previously, on its opening day on 7 June, a housing project in Changchun City generated RMB 633 mln in sales revenue.

The company has thus been transformed from a leading regional real estate developer based in Guangzhou to a leading real estate developer in the country. The company has developed projects in major cities including Beijing, Shanghai, Wuhan, Chongqing and has expanded to medium-sized cities. New projects in cities including Chengdu, Hangzhou, Tianjin and Qingdao, into which the company ventured in 2007, will be put on sale in the second half of 2008.

Amid the present sluggish real estate market, the company attributed its good performance to high-quality housing and a good brand image.

Source: Securities Times

Date: 25 Jun 2008

CN01/MZ/BT/KM