CHONGQING, China, Dec. 14, 2010 /PRNewswire/ -- China Redstone Group, Inc. (OTC Bulletin Board: CGPI) ("China Redstone" or the "Company"), the largest private provider of cemetery products and services in Chongqing, China, today reported the sales of the cemetery plots for November 2010.
China Redstone sold 536 cemetery plots in November 2010, representing a decrease of 8.7% from the same period last year. The average selling price was $7,380 per plot, an increase of 37.4% from $5,370 last year.
"The strong momentum we witnessed in the first half of fiscal 2011 continued through November," commented Mr. Yivou Ran, Chairman and Chief Executive Officer of China Redstone. "We are particularly pleased with the strong price gains, which are a result of our superior location and successful branding investments. We have achieved 68% of the sales guidance for fiscal year 2011. We expect the positive momentum will continue for the remainder of the year."
The following summarizes the Company's recent cemetery plot sales trends:
(Fiscal year ending March 31)
FY 2011 Guidance
Cemetery Plot Sales
Average Sales Per Plot
Mr. Ran continued, "Excess demand will continue to grow as the country ages. With more than 50 years of undeveloped land, strong cash flows and balance sheet, we are uniquely positioned to capture additional market share."
China Redstone Group, Inc.
China Redstone is a cemetery developer and provider of cemetery products and services in Chongqing, China, through its contractually controlled affiliate Chongqing Foguang Tourism Development (Group) Co., Ltd. Founded in 2002, the Company provides a complete range of funeral merchandise and services, including cemetery property, both at the time of need and on a preneed basis. Its cemeteries are highly regarded in terms of a number of factors such as tradition, reputation, physical size, capacity of business, available supply, name recognition, aesthetics and potential for development or expansion.
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SOURCE China Redstone Group, Inc.