Evergrande Becomes China's Largest Property Developer By Sales

来源:搜狐教育 2016-10-11 19:30:00

ByLiHuilingandChenNa

(Beijing)—ChinaEvergrandeGrouphasdislodgedrivalChinaVankeCo.asthecountry'slargestpropertydeveloperbysalesthisyear.

Evergrandesoldhomesandofficebuildingsworth280.58billionyuan($41.9billion)fromJanuarytoSeptember,thecompanysaidinafilingtotheHongKongstockexchangeonMonday,surpassingVanke's262.9billionyuan.

Vanke,miredinabitterownershiptusslesincemid-2015,sawitspropertysalesdeclinebyathirdinJulyandAugustbeforetheyreboundedinSeptember,datafromthecompanyshowed.ButVanke's25.38billionyuanofsalesinSeptemberisstillonlyslightlymorethanhalfofEvergrande'sthatmonth.

SpurredbyahousingboominChina'sfirst-andsecond-tiercities,Evergrandesawpropertysalesreach47.52billionyuaninSeptember,anincreaseof324percentcomparedwiththesameperiodlastyear.Theaveragesellingpricerose16.5percentto9,212yuanpersquaremeter,thecompanysaid.

InAugust,Evergrandepushedupitssalestargetfor2016by50percentto300billionyuanafterithititsoriginalyearlysalesgoalinJuly.TherevisedtargetwasthemostambitiousamongmainlandbuildersasChina'shousingmarketpicksupsteam.

"Thegroupisfullyconfidentonreachingtheadjustedcontractsalestargetfor2016andwillcontinuetoupholdthestrategyof'fastdevelopment,fastsales,fastcapitalrecovery,'"EvergrandeChairmanHuiKaYansaidinastatement.

InAugust,Evergrandespent$2.2billiontoraiseitsstakeinVanketo6.82percent,makingitthethird-largestshareholderofthehomebuilderandallowingittonominateaboardmember.

ContactreporterChenNa(nachen@caixin.com);editorPoornimaWeerasekara(poornima@caixin.com)

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