Youngor buys land in Ningbo for RMB 1.18 bln

Nov. 4, 2009 (China Knowledge) - Youngor Group Co Ltd<600177>, which is engaged in manufacture of apparel and textile products and in property development, yesterday announced that it has won the bid for two pieces of land in Ningbo, Zhejiang Province for RMB 1.18 billion in total, sources reported.

The Shanghai-listed firm spent RMB 474 million acquiring a mixed-use parcel that covers a land area of 13,900 square meters and will have a floor area ratio of 2.4. The other parcel, a 26,900-sq parcel that cost RMB 705 million, will have a floor area ratio of 1.4 and will be for apartments only.

On Sep. 1, Youngor purchased two properties in Ningbo, one for RMB 492 million and one for RMB 1.82 billion.

In the first three quarters of this year, Youngor reaped RMB 1.75 billion in net profit, 18.87% less than in the corresponding period of last year, and its operating revenue increased 3.38% year on year, totaling RMB 8.49 billion.

In the first half, the company sold 425,000 sq m of properties for RMB 4.14 billion. As of Jun. 30, the firm had 14 real estate projects with a potential floor area of 1.57 million sq m in total.

An analyst said that the firm's properties are mainly located in Ningbo and Suzhou.