From the Wires
With RMB84.63 billion Sales Revenues in the Past 11 Months, Evergrande Surpasses its Annual Sales Target Ahead of Time
By: PR Newswire
Dec. 5, 2012 03:10 AM
BEIJING, Dec. 5, 2012 /PRNewswire/ -- As reported by Sina Leju, Despite the rigid control over real estate and the continuing market downturn, demand has remained strong and has become the market mainstream. Evergrande, which has consistently focused on tier-2 or tier-3 cities, has achieved over RMB10 billion of sales again in November, performing brilliantly in spite of the adverse market trend and surpassing its annual target of RMB80 billion of sales.
According to the sales bulletin released by Evergrande on December 4, the company chalked up RMB11.79 billion of contract sales in November, a 850.8 percent growth compared with the same period of last year; sold about 2 million square meters under contract, a 1100.6 percent growth compared with November 2011 and remained the national No. 1; and realized an average sale price of RMB5955 per square meters, registering a month-on-month rise of 6.5 percent.
This year, Evergrande has kept hold of the market trend accurately and started to hit out hard in Q2 to maintain the momentum of a steady growth in overall sales. By November, sales of more than RMB10 billion have occurred in three months, such as a RMB10.37 billion sale in May, a RMB14.26 billion sale in October and a RMB11.79 billion sale in November.
The bulletin shows that from January to November, Evergrande brought in a sale income of RMB84.63 billion, reaching its annual target of RMB80 billion ahead of time, surpassing the target by 5.8 percent and exceeding last year's sales by 5.3 percent. It also cumulatively sold about 14.3 million square meters, which exceeded the figure of last year by 16.9 percent and remains the national No. 1. In November, Evergrande launched 6 new projects, which increased the total of the projects on sale to 174.
Market analysts noted that under the continued effect of a rigidly controlled environment, the strategic layout and accurate market positioning of Evergrande have gone along with the market dynamics, the relevant policies and strong demand. Its abundant supply and persistence of high turnover featuring fast development and fast sales have ensured the availability of properties for sale all the year round, while its practice of small profits but quick turnover has supported the continuous growth of results. These factors have vested Evergrande with greater advantages in responding to the market control and surpassing the annual target.
In October last year, when Evergrande fulfilled its annual plan ahead of time, it slowed down the tempo of sales in the remaining two months. In November this year, Evergrande once again fulfilled its annual plan ahead of time and exceeded last year's figure by 5.3 percent, which again honored the promise made by Board Chairman Hui Ka Yan, "All the plans drawn up by Evergrande will be over-fulfilled." In the last month of the year, intense selling and the fulfillment of its annual sales will capture the attention of the industry.
SOURCE Sina Leju
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