SOHO China's contracted sales revenue exceeds RMB 10 bln in Jan-Oct

Nov. 3, 2009 (China Knowledge) - SOHO China Ltd<0410> saw its contracted sales revenue hit RMB 10.2 billion in the period from January to October, whereas it reaped RMB 7.73 billion last year, said a senior officer on Oct. 31.

The Hong Kong-listed firm's sales revenue was principally derived from several property projects in Beijing. The company realized RMB 6.74 billion in sales revenue from the Sanlitun project, RMB 1.22 billion from sales of units in Phase One of the Chaoyangmen project and RMB 1.13 billion from sales of units in Phase Two of the same project.

As of Oct. 31, SOHO China had RMB 50 billion worth of properties for sale. Because many projects under construction could not be counted in the financial results, the real estate developer reaped only RMB 71.9 million in operating revenue in the first half of this year.

Chairman Pan Shiyi said that because preferential policies relating to property purchases will remain in effect until the end of this year, the real estate market will not suffer a drop in the fourth quarter of this year.

Reportedly, 16 Chinese property developers each reaped more than RMB 10 billion in sales revenue in the first three quarters. The top three companies were China Vanke Co Ltd<000002><200002> with RMB 46.1 billion in sales revenue, Poly Real Estate Group Co Ltd<600048> with RMB 31 billion and China Overseas Land & Investment Ltd with RMB 29.3 billion, followed by Greentown China Holdings Ltd<3900>, Evergrande Real Estate Group Ltd<3333>, Greenland Group, Guangzhou R&F Property Co Ltd<2777>, Shimao Property Holdings Ltd<0813>, China Resources Land Ltd<1109> and Gemdale Corp<600383>.