SOHO China鈥檚 sales at RMB 2 bln so far this year

May 13, 2009 (China Knowledge) - SOHO China Ltd<0410>, a leading real estate developer in China, had generated RMB 2 billion in sales revenue as of May 8, including RMB 635 million earned from its Zhongguancun project, which started selling on May 8, sources reported.

Pan Shiyi, board chairman, said that the Zhongguancun project, the firm's first real estate project in North Beijing, is located in Haidian District and covers a floor area of 58,850 square meters (sq m), of which commercial properties amount to 44,208.66 sq m.

In the project, the average price for commercial space is RMB 33,000 per sq m. For first-story commercial space the average price is RMB 90,000 per sq m. The estimated total sales revenue of the project is RMB 1 billion.

The Hong Kong-listed firm's Sanlitun project, located in Chaoyang District, Beijing, realized RMB 1.32 billion in sales revenue in the first quarter of this year. Last year, SOHO China recorded total pre-sale revenue of RMB 7.7 billion, of which RMB 6.92 billion were pre-sales in the Sanlitun project. 

Reportedly, Pan Shiyi denied that SOHO China has suffered from a high default rate in its Sanlitun project, and added that the default rate is currently only 3.55%.