Beijing Capital Land sees contracted sales rise 25% in Jul

Aug. 12, 2009 (China Knowledge) - Beijing Capital Land Ltd<2868>, China's leading real estate developer and hotel operator, announced that its contracted sales rose to RMB 1.43 billion in July, up 25% compared with June, marking the highest level so far this year.

The Beijing-based company said that its sales area in 30 major cities declined 4% month on month in July, but that its overall sales volume increased due to the company's effective sales strategy and the utilization of market opportunities.

During the first seven months of this year, the company sold properties totaling 640,000 square meters in floor area for a total of RMB 6.4 billion, realizing sales of 353% more in area and 246% more in sales revenue than in the same period of last year. The contracted value has surpassed the sales target of RMB 6 billion for this year.

The company recently received approval from the China Securities Regulatory Commission to issue up to RMB 1.8 billion in domestic corporate bonds, China Knowledge reported yesterday.