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China Overseas companies sell HK$25.8B of property in January

Hong Kong-based real estate development company China Overseas Land & Investment Ltd. and its units, associates and ventures, carried out contracted sales of about 1,569,500 square meters of property for roughly HK$25.83 billion in January.

The company had about HK$22.98 billion of subscribed property sales as of Jan. 31, which it expects to convert into contracted property sales in the coming months.

In addition, the group acquired four land parcels in the Foshan, Hangzhou, Beijing and Guangzhou areas of China, with a total gross floor area of about 1,198,226 square meters, for a total of approximately 11.33 billion Chinese yuan.

The company paid about 1.84 billion yuan for the Shunde District project in Foshan, with a gross floor area of around 385,747 square meters; about 2.21 billion yuan for the Binjiang District project in Hangzhou, with a gross floor area of 89,276 square meters; about 5.45 billion yuan for the Changping District project in Beijing, with 489,691 square meters of gross floor area; and about 1.82 billion yuan for the 233,512-square-meter Nansha District project in Guangzhou.

As of Feb. 5, US$1 was equivalent to 6.29 Chinese yuan.