Evergrande Achieves 51 Billion Yuan of Sales in the First 7 Months, with 72.9% of Target Completion Rate, Ranking First in Real Estate Enterprises of China

Aug 09, 2011, 21:20 ET from Sina Leju

BEIJING, Aug. 9, 2011 /PRNewswire-Asia/ -- On August 9, Evergrande Real Estate (03333.HK) released its July sales results in Hong Kong. The 8.68 billion yuan of sales and 1,376,000m2 sold in the month registered a year-on-year increase of 70.9% and 59.7% respectively. By now, Evergrande has achieved a cumulative sales value of 51 billion yuan in January ~ July, more than that in the entire year of 2010, leading the Chinese real estate enterprises with a target Completion rate of 72.9%. An original report from Sina Leju follows:

What deserves a mention is that, since February 2011, Evergrande has witnessed a month-by-month rise of sales and the area sold, making the stride from 4.5 billion yuan in February to 8.68 billion yuan in July. Market players pointed out that July is the traditional slack season for the property market of China and the macro-control shows the tendency of deepening further. Against such a backdrop, the growth of a number of real estate enterprises has slowed down. But Evergrande has maintained a year-on-year and month-on-month growth, fully manifesting its strong market competitiveness and risk-resisting capability.

Meanwhile, in January ~ July, Evergrande sold 7,492,000m2 in total, more than the 6,370,000m2 of Vanke, ranking comfortably No. 1 in Chinese real estate enterprises. In terms of sales value, the 51 billion yuan already brought in so far makes it a piece of cake for Evergrande to attain its annual goal of 70 billion yuan ahead of time. Hopefully it may even achieve 100 billion yuan of sales in the whole year.

The outstanding sales performance is supported by the forward-looking strategy of the real estate giant. According to the sales newsletter of Evergrande, by the end of July 2011, it has a total of 92 projects on sale distributed in 52 cities of China, including the 32 new projects launched in 32 cities this year. During its fast deployment in the tier-2 and tier-3 cities across the country, Evergrande has accomplished a nationwide layout and successfully wedged into local markets. Data show that 90% of the tier-2 and tier-3 markets that Evergrande has entered are regions with strong demand, but without the presence of any of the leading Chinese real estates.  

Such a farsighted approach has even more exhibited the strategic vision of Evergrande in an adverse situation, enabling the company to steer clear of the overheated regions and giving its projects higher potentials for appreciation. Additionally, by leveraging a standardized operation mode, Evergrande has integrated the resources of the whole industrial chain, further reduced operation risks, strictly controlled cost and effectively met the requirements of the market for high-quality residences with highly cost-effective choice products.  

SOURCE Sina Leju