Evergrande Tops the Industry with a Sales Volume of 11.4 Billion With the Largest Total Assets and Robust Financial Status

Sep 09, 2013, 12:27 ET from Sina Leju

BEIJING, Sept. 9, 2013 /PRNewswire/ -- Evergrande, the leading giant real estate enterprise in mainland China, realized a record total sales volume of 11.4 billion yuan in August, for the second time after June this year to exceed 10 billion yuan, which was a year-on-year growth of 58.8% and a monthly growth of 40.6%, both the highest among all Chinese real estate enterprises, according to the business report of the Group published on September 9. The total area sold was 1.68 million sq.m., topping all Hong Kong enterprises operating in mainland China, with a year-on-year growth of 41.8% and a monthly growth of 47%, both ranking the highest of peer enterprises in China. An original report by Sina Leju follows:

As is disclosed in the report, Evergrande realized a total sales volume of 64.12 billion yuan between January and August, a growth of 27.1% over the same period of last year, realizing 64.1% of the annual sales target of the Group, which is one percentage point higher than the same period of last year. The total area sold in the period was 9.46 million sq.m., 14.3% higher than the same period of least year.

Evergrande's excellent performance was largely due to its forward-looking top-quality strategy and its guideline of "small profit with quick return for livelihood-based real estate products," which is in line with the government's policy and the rigid demand, meeting the market needs of different regions and levels.

Evergrande has abundant products in store for the second half of 2013, with over 40 new real estate projects available for sale. The Group plans to launch those new projects in a selective and focused manner with reference to the overall sales status. With the coming "Golden September and Silver October," the peak season of the Chinese real estate markets, Evergrande is expecting to fulfill its sales target of 100 billion yuan for 2013 ahead of the end of the year, for a second time following last year.

According to the semi-annual business report released on August 26, as of June 30, the total asset of the Group has grown sharply to 274.59 billion yuan, beating its competitor China Overseas Property and taking the lead among all Hong Kong real estate enterprises operating in mainland China. Meanwhile, Evergrande has realized its full coverage in all provinces in mainland China, strengthening its leading status in the industry as the largest real estate industry. The August report also confirms that the Group will continue to grow at a steadily accelerating rate.

In terms of various financial aspects, Evergrande's debt ratio as of June 30 was down by 37.7% compared with the same period of last year, making it the enterprise with the quickest burden-relief, with its cash balance reaching the highest point ever since its public listing. The cash balance reached 41.97 billion yuan, a growth of 69.6% compared with last year, ranking top among all mainland real estate enterprises. Coupled with the total bank credit 39.48 billion yuan, unused and still available, further increased the funds available of the Group to 81.4 billion yuan. It is almost certain that Evergrande will be able to achieve its sales target of 100 billion yuan.

SOURCE Sina Leju