Poly acquires land in Nanjing for RMB 1.59 bln

Sep. 14, 2009 (China Knowledge) - Poly Real Estate Group Co Ltd<600048>, a subsidiary of state-owned China Poly Group Corp, last week acquired a piece of land of RMB 1.59 billion in Nanjing, the capital of Jiangsu Province, sources reported.

The Shanghai-listed company purchased the parcel, which covers a land are of 96,000 square meters, for RMB 7,553 per sq m.

The real estate developer sold 417,800 square meters of properties for a total of RMB 3.46 billion in contracted sales revenue in August. In the first eight months of this year, contracted sales revenue was RMB 27.92 billion, a year-on-year jump of 157.20%. Contracted sales area was 3.39 million sq m, a year-on-year jump of 155.46%, according to the report.

Poly announced last month that it sold 2.52 million square meters of properties in the first half of this year, equivalent to 64.4% of the area sold by China Vanke Co Ltd<000002><200002>, while its RMB 21.05-billion sales revenue was equivalent to 72.4% of Vanke’s, according to an earlier report from China Knowledge.