In Sept 2008, the company sold 532,000 sq. meters of property for RMB 4.3 bln in revenue, a 12.2% increase from the previous month's revenue but a decrease of 27.6% YOY.

In the first three quarters of 2008, it sold a total of 4.02 mln sq. meters of properties, a decrease of 8.9% YOY, and received RMB 35.61 bln in revenue, a decrease of 3.2% YOY.

In addition, following the sales statement for Aug 2008, the company has undertaken the following five new property development projects:

1. Chongqing Baosheng Project

Located in the Agricultural Science & Technology Park in Yubei District of Chongqing City, the site covers a total area of 230,000 sq. meters. It has a 1.5 plot ratio, and its construction area is 345,000 sq. meters. The company is expected to pay RMB 163 mln for a 51% stake in the project.

2. Dalian Meili Town Project

Located in Qiange Village in Ganjingzi District of Dalian, the site covers an area of approximately 198,000 sq. meters. It has a 2.04 plot ratio, and its construction area is 398,000 sq. meters. The company is expected to pay RMB 396 mln for a 55% stake in the project.

3. Hangzhou Spring Cove Project

Located in Fuyang City of Hangzhou, the site covers a total area of 500,000 sq. meters. It has a 0.42 plot ratio, and its construction area is 209,000 sq. meters. The company is expected to pay RMB 834 mln for a 100% stake in the project.

4. Shanghai Zhaoxiang Jingyuan Project

Located in Zhaoxiang Town in Qingpu District of Shanghai, the site covers a total area of 78,000 sq. meters. It has a 0.98 plot ratio, and its construction area is 76,000 sq. meters. The company is expected to pay RMB 176 mln for a 55% stake in the project.

5. Tianjin Meili Town Project

Located in Dongli District of Tianjin, the site covers a total area of 178,000 sq. meters. It has a 1.46 plot ratio, and its construction area is 258,000 sq. meters. The company is expected to pay RMB 687 mln for a 100% stake in the project.

Board of Directors
8 Oct 2008


Source: Securities Times

Date: 8 Oct 2008

CN01/RL/MR/NK/KM