Evergrande Becomes China's Largest Property Developer By Sales
(Beijing) — China Evergrande Group has dislodged rival China Vanke Co. as the country's largest property developer by sales this year.
Evergrande sold homes and office buildings worth 280.58 billion yuan ($41.9 billion) from January to September, the company said in a filing to the Hong Kong stock exchange on Monday, surpassing Vanke's 262.9 billion yuan.
Vanke, mired in a bitter ownership tussle since mid-2015, saw its property sales decline by a third in July and August before they rebounded in September, data from the company showed. But Vanke's 25.38 billion yuan of sales in September is still only slightly more than half of Evergrande's that month.
Spurred by a housing boom in China's first- and second-tier cities, Evergrande saw property sales reach 47.52 billion yuan in September, an increase of 324 percent compared with the same period last year. The average selling price rose 16.5 percent to 9,212 yuan per square meter, the company said.
In August, Evergrande pushed up its sales target for 2016 by 50 percent to 300 billion yuan after it hit its original yearly sales goal in July. The revised target was the most ambitious among mainland builders as China's housing market picks up steam.
"The group is fully confident on reaching the adjusted contract sales target for 2016 and will continue to uphold the strategy of 'fast development, fast sales, fast capital recovery,'" Evergrande Chairman Hui Ka Yan said in a statement.
In August, Evergrande spent $2.2 billion to raise its stake in Vanke to 6.82 percent, making it the third-largest shareholder of the homebuilder and allowing it to nominate a board member.
Aug 16 20:48
Aug 16 18:19
Aug 16 16:10
Aug 16 15:19
Aug 16 15:07
Aug 16 15:35
Aug 16 12:23
Aug 16 10:44
Aug 16 03:04
Aug 15 15:34
Aug 16 02:05
Aug 16 02:36
Aug 15 15:10
- 1Praise for JD and Huya, Less Excitement for Tencent Music and DouYu as ‘Team Tencent’ Reports
- 2Casino Giant Galaxy Entertainment’s H1 Profit Drops 7% as High-Rollers Stay Away
- 3TCL to Unveil Own Smart Screen This Week, Sources Say
- 4CX Daily: Hong Kong Cuts GDP Growth Forecast, Announces Stimulus Amid Unrest
- 5Does China Care About Climate Change?
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas