Property developers raise targets for sales by up to 30pc
Firms are looking to as much as triple contract sales growth in 2013, aided by mainland urbanisation, end-user demand and projects overseas
Country Garden is aiming for growth of 30 per cent in contract sales this year, and is banking on increasing urbanisation on the mainland and demand from end-users to achieve that goal.
The Guangdong-based developer's contract sales by value rose 10 per cent to 47.6 billion yuan (HK$58.8 billion) last year. Contract sales by gross floor area grew 11 per cent to 7.64 million square metres.
The average selling price was 6,231 yuan per sq m, much the same as the previous year.
Country Garden's president, Mo Bin, said yesterday that the company aimed to deliver a total gross floor area of 8 million sq m this year, 30 per cent more than last year, with a target of 62 billion yuan for contract sales by value.
The company plans to launch 11 new projects this year. Of these, three will be located in Malaysia. "We will continue to seek investment opportunities in South East Asia, Europe and the United States," Mo said.
Country Garden's net profit grew 17.9 per cent, from 5.81 billion yuan in 2011 to 6.85 billion yuan last year.
Revenue jumped 20.6 per cent to 41.89 billion yuan last year, while recognised gross floor area rose by 4.5 per cent to 6.16 million sq m.