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China Overseas updates on 7-month sales, acquisitions

For the seven months ended July 31, China Overseas Land & Investment Ltd., along with its subsidiaries, joint ventures and affiliates sold about HK$144.19 billion of properties, representing sales area of roughly 8,852,000 square meters.

The company also said in a release that, as of July 31, subscribed property sales amounted to about HK$17.96 billion, noting that this figure is expected to be turned into contracted sales record over the coming months.

Meanwhile, China Overseas said it has spent 42.23 billion yuan to purchase 36 land plots in China during the seven-month reporting period, adding approximately 6,416,677.62 square meters of floor area in its land bank, according to a separate filing. In July, it purchased nine land parcels in China with a combined gross floor area estimated at 1,104,762 square meters for 6.36 billion yuan.

As of Aug. 9, US$1 was equivalent to 6.68 Chinese yuan.