Greenland to start RMB 12-bln property project in Shanghai

Jul. 20, 2009 (China Knowledge) - Greenland Group, a leading real estate developer in China, on Jul. 16 signed a contract with the government of Songjiang District, Shanghai to start an RMB 12-billion mixed-use property project there, sources reported.

The property project, which covers a land area of 1,500 Mu and has a combined potential floor area of 2 million square meters, will start construction before the end of this year and will be completed in 2014. The project will accommodate 40,000 households. A 300-meter-high landmark building will be built in the community.

In the first half of this year, the group recorded operating revenue of more than RMB 28.1 billion, a year-on-year increase of about 52%. Its full-year operating revenue is estimated to exceed RMB 60 billion and its gross profit to hit RMB 4 billion, according to Chairman Zhang Yuliang. 

In the same period, the property enterprise purchased 15 pieces of land for a total of RMB 9.5 billion. The 15 parcels cover a combined area of 3,548 Mu and have a combined potential floor area of 3.5 million sq m.

In the second half, the company plans to have properties with 13 million sq m of floor area under construction and intends to increase investment in Shanghai, Nanchang, Hefei, Chengdu, Chongqing, Xi'an, Zhengzhou and Ji'nan.