Evergrande set 2011 sales target 40% higher

HONG KONG: Chinese developer Evergrande Real Estate Group Ltd set its contracted sales target for 2011 at 40% above its 2010 total contracted sales.

In a filing to the Hong Kong stock exchange on Monday, Jan 10, Evergrande said it had set a contracted sales target for 2011 of 70 billion yuan (RM32.39 billion), compared with total contracted sales of about 50.4 billion yuan for 2010.

The developer also said its target for delivery of completed properties for 2011 was set at 60 billion yuan.

Evergrande said it had 55 projects, covering an aggregate area of about 15.7 million square meters and an estimated total gross floor area of 40.2 million sq m, held for future development in the mainland as at end of 2010.

The developer also said it planned to issue US dollar-settled Renminbi senior notes with the aggregate amount and interest rates to be determined through a book-building exercise. The proceeds from the issue would be used to repay existing onshore bank borrowings, and to finance existing and new property projects, it said.

Last month, the Chinese developer said contract sales for 2010 would likely be more than 50 billion yuan, beating its original target by about a quarter, despite state tightening measures as it has focused on second- and third-tier cities such as Wuhan and Xi'an, where there has been less speculation. — Reuters
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