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China Overseas Land reports land sales, acquisitions for November

In November, China Overseas Land & Investment Ltd. collected nearly HK$18.74 billion from the sale of 1,181,600 square meters of property and spent about 13.18 billion yuan for the purchase of land parcels in China.

The unaudited contracted sales and sales area figures for the reporting month were respectively higher compared with the approximately HK$10.76 billion and the roughly 880,100 square meters that the company and its subsidiaries recorded a year ago.

China Overseas Land's accumulated contracted sales for the 11 months to November also increased year over year to about HK$219.33 billion from HK$206.75 billion. Within the same period, the group contracted 13,603,000 square meters of property.

As at Nov. 30, subscribed property sales of the group, which are expected to be converted into contracted sales in the following months, were registered at nearly HK$24.29 billion.

During the reporting month, the group purchased seven land parcels in Beijing, Nanjing, Chengdu, Tianjin and Changsha with attributable gross floor area totaling 2,592,465.15 square meters. The developer, which earlier in November also bought a development site in Manhattan, N.Y., for US$75 million, said four of the sites will be developed into cooperation projects.

Meanwhile, in the same month, China Overseas Land affiliate China Overseas Grand Oceans Group Ltd. bought three land plots in Yangzhou and Xuzhou for a combined 3.37 billion yuan. The attributable gross floor area of the properties is 909,609 square meters.

Year-to-November, the China Overseas group collectively purchased for 103.17 billion yuan 74 land parcels across China with a total attributable gross floor area of 16,970,515.03 square meters.

As of Dec. 7, US$1 was equivalent to 6.62 yuan.