China Overseas Land achieves whole-year sales target in 10 months

Published: 05 Nov 2009 01:08:10 PST

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Nov. 5, 2009 (China Knowledge) - China Overseas Land & Investment Ltd<0688>, a real estate subsidiary of China Overseas Holdings Ltd, has achieved its sales target for 2009 in the first ten months of this year, according to chairman Kong Qingping.

As of the end of October, the developer reaped RMB 38 billion by selling properties totaling 4.3 million square meters, a revised target that the company set in August. Previously, the company aimed to sell 3.5 million sq m of property for the whole year.

In October alone, the company acquired four pieces of land in Foshan, Chongqing, Shenyang and Changchun respectively, with the total GFA of 5.23 million sq m. In the Jan.-Oct. period, the company's total new land acquisitions amounted to 9.37 million sq m.

Shares of the Hong Kong-listed firm fell 1.19% to HK$16.56 in the morning trading.