Gemdale buying isk records RMB 6.66 bln in sales revenue in Jan-May

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Gemdale records RMB 6.66 bln in sales revenue in Jan-MayPublished: 11 Jun 2009 00:33:36 PST<p class="authorInfor"]</p]<!--begin CK content--]<ul class="narrow"]Top 5 News From ChinaKnowledge.comGeely's vehicle sales up 57.8% in Jan-MayGoldman Sachs cuts shareholding in ICBC to 4%China's CPI down 1.4% in MayExxon Mobil, PetroChina, CNOOC in talks on HK gas supplySDB to place 500 mln new shares with Ping An InsuranceJun. 11, 2009 (China Knowledge) - Gemdale Corp<600383>, a Shenzhen-based real estate developer, on Jun. 9 announced that it recorded sales revenue of RMB 6.66 billion in the first five months of this year, a year-on-year increase of 81.15%. Sales area surged 85.31% year on year, totaling 677,500 square meters (sq m), sources reported.

In May, the Shanghai-listed company’s sales revenue hit RMB 1.8 billion, a year-on-year jump of 171.08%. Sales area skyrocketed 118.09% year on year, hitting 168,800 sq m.

The property enterprise will undertake expansion projects and new projects in Tianjin, Nanjing, Beijing, Shanghai, Hangzhou, Guangzhou, Wuhan, Xi'an and Shenyang this month and next month.

On Jun. 4, Gemdale acquired a piece of land for RMB 306.8 million or RMB 2,060 per sq m in potential floor area on Luoshi Road, Hongshan District, Wuhan City, Hubei Province. The plot, which is the fifth piece of land purchased by the firm in Wuhan, covers area of 54,735 sq m, of which 49,637 sq m is for construction. The floor area ratio will not exceed 3.0.

The company aims to spend more than RMB 5 billion this year on land and targets RMB 14 billion in sale revenue. It also expects to raise more than RMB 4 billion through share placement.

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