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China Overseas Land reports YOY increase in Q1'16 sales

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China Overseas Land reports YOY increase in Q1'16 sales

,its subsidiaries, joint ventures and associates posted approximately HK$39.31 billionof accumulated contracted property sales between January and March, up from approximatelyHK$32.67 billion yearover year.

The companysaid April 13 that the sales figure for the first quarter of 2016 accounted forapproximately 2,579,600 square meters of accumulated corresponding gross floor areasold in China, Hong Kong and Macau during the period.

For March,property sales of the group amounted to approximately HK$15.14 billion, up fromapproximately HK$10.10 billion of contracted sales in February. The March sales represented approximately 971,700square meters of corresponding gross floor area sold in the month.

As atMarch 31, the group logged around HK$6.25 billion of subscribed property sales,which are expected to be converted into contracted property sales in the succeedingmonths.

In addition,China Overseas Land said in a separate April 13 release that it acquired a landparcel in Nanchang, China, for a land premium of about 1.96 billion Chinese yuan,payable by the company and its subsidiaries.

The groupowns a 100% interest in the Donghu District Qingshanhu Project, which has a landarea of 59,880.00 square meters. Total gross floor area and attributable gross floorarea both span 239,632.00 square meters.

As of April 13, US$1 was equivalentto 6.47 Chinese yuan.