Sino-Ocean Land sees robust sales growth

Nov. 6, 2009 (China Knowledge) - Sino-Ocean Land Holdings Ltd<3377>, a real estate firm headquartered in Beijing, said its sales had reached RMB 11 billion as of Oct. 25 this year, representing a robust year-on-year growth of 175%, sources reported.

In September, the developer raised its target of contracted sales to RMB 11 billon from RMB 8 billion set earlier thanks to the recovering real estate market.

On Oct. 23, Sino-Ocean Land said that it purchased a land parcel in Nihuangzhuang, Tianjin for RMB 1.1 billion or RMB 4,218 per square meter of potential floor area. The company plans to develop a high-end residential project on the site, which is located at Li Shuang Highway South, in the Da Si Town of the Xi Qing District in Tianjin. The land has a site area of 130,400 sq m and a gross floor area of 260,800 sq m.

Shares of Sino-Ocean Land edged down 1.67% to close at HK$7.64 on Thursday.