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HONG KONG, Jan 5, 2017 - (ACN Newswire) - A leading real estate developer of green technological properties - Modern Land (China) Co Ltd ("Modern Land," the "Company," together with its subsidiaries, the "Group," HKSE stock code: 1107.HK) -- is pleased to announce that the Group's unaudited operating statistics for the twelve months ended 31 December 2016. During the Period, contracted sales of the Group increased by 46.79% to approximately RMB16,572.21 million, which significantly exceeded its full year target of RMB15,000 million. This indicates the remarkable competitiveness and operation capability of the Group's real estate projects.
For the twelve months ended 31 December 2016, contracted sales of the Group amounted to approximately RMB16,572.21 million, of which, contracted sales of properties amounted to approximately RMB16,246.19 million, whereas contracted sales of car parking spaces amounted to approximately RMB326.02 million. Gross floor area ("GFA") sold for properties was approximately 1,432,608 square metres ("sq.m."), with an average selling price of approximately RMB11,340 per sq.m.. As compared with the twelve months ended 31 December 2015, contracted sales of the Group increased by approximately 46.79% while average selling price increased by approximately 28.11% (2015: approximately RMB8,852 per sq.m.) .
In December 2016, contracted sales of the Group amounted to approximately RMB2,068.41million, of which, contracted sales of properties amounted to approximately RMB1,948.56million, whereas contracted sales of car parking spaces amounted to approximately RMB119.85 million. GFA sold for properties was approximately 147,052 sq.m., with an average selling price of approximately RMB13,251 per sq.m.. As compared with December 2015, contracted sales of the Group increased by approximately 64.78%.
Mr. Zhang Peng, the Executive Director and President of Modern Land, said, "2016 is a remarkable changing year for Chinese real estate industry. After witnessing house price overheating at the beginning of the year and policy tightening in the second half of the year, Chinese developers are inevitably confronted with the pressure of deflating property bubbles and destocking. As a real estate developer of green and energy-saving properties, Modern Land consistently adhered to technology innovation and quality projects development and also actively acquired quality land resources in tier-one and competitive tier-two cities in the PRC. Through our full management dedication and accurate insight of the property market, we successfully hit the full year target of sales with great satisfaction. As of 2016, the Group has completed its extensive property networks of 15 cities in the PRC while tapping into Nanjing and Huizhou for the first time to complement its comprehensive strategic layout. For 2017, Modern Land will continue to insist on its core conception of green property by pursuing innovation of green technology and products, actively expanding its comprehensive layout in both domestic and overseas markets, upgrading its management quality and corporate profitability with an ultimate goal to maintain its robust and stable growth in 2017."
Topic: Press release summary
Source: Modern Land (China) Co Ltd
Sectors: Daily Finance, Real Estate & REIT, Construct, Engineering
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From the Asia Corporate News Network
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