Developers achieve sales targets

08:20, December 09, 2010      

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Along with the increasing land prices, many major developers in China say they have already achieved their sales target. Among them, property tycoon Vanke was the first developer with sales surpassing 100 billion yuan.

Earlier this month, Vanke issued a report that the company's sales this year had achieved more than 100 billion yuan by December 1st, far more than their target of 80 billion yuan. According to a senior manager of the company, Vanke is a leader in the real estate market.

Xiao Li, Executive VP of Vanke said "Before the second round of tightening policy, Vanke took up nearly 4 percent of the market share. That number rose to 5.7 percent by the end of October. That's because our company's sales are running ahead of the whole housing market."

It's not just Vanke. Other big developers say their sales are good too. Analysts say it's indicative of new heights reached in the real estate market. They predict that 11 developers in China achieved or nearly achieved their annual target by the end of November.

Pang, Wei, Housing researcher of China Galaxy Securities said "By the end of the third quarter, data shows that the big listed developers didn't have many problems with capital, because of good sales. Their cash flow is fine."

Analysts say the smooth capital flow gives a boost to some developers, who could speed up the pace of purchasing land. Here's how hot the real estate industry has become on one day in November, land trade within China was over 30 billion yuan.



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