HONG KONG (Feb 8): SOHO China, a real estate developer that concentrates on projects in Beijing and Shanghai, said on Wednesday it had set its sales target for 2012 at 23 billion yuan (RM10.97 billion).

That's an increase of 15% on its 2011 target of 20 billion yuan target. The company missed that badly, with actual sales of 10.9 billion yuan last year, as China's measures to combat runaway home prices hit home.

The company, run by chairman Pay Shiyi, sees stronger prospects in office property in China this year.

"We are still confident in the commercial property market," chief financial officer Tong Ching Mau said in a conference call.

The company on Wednesday set a land-sale target of 10 billion yuan this year, again focusing on Beijing and Shanghai.

Its shares were trading up 4.9% on Wednesday afternoon, with shares in mainland developers given a boost by a statement from the People's Bank of China on Tuesday that banks must provide loans to first-time home buyers. — Reuters

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