Top 3 property developers post big rise in 2010 sales
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Property sales by China's three biggest listed property developers surged in 2010 despite government measures to cool the sector, according to company statements Wednesday.
Poly Real Estate Group Co., China's second largest developer, said its property sales in 2010 rose 52.53 percent year on year to 66.17 billion yuan (10 billion U.S. dollars), according to a company statement filed with the Shanghai Stock Exchange (SSE).
Sales of Gemdale Corp., China's third largest developer, jumped 34.6 percent year on year in 2010 to 28.34 billion yuan, the company said in a statement filed with the SSE.
In Dec. alone, sales by Poly and Gemdale totaled 9.02 billion yuan and 4 billion yuan, respectively.
China Vanke Co., China's largest real-estate company, said last Wednesday its sales in 2010 rose 70.5 percent to 108.2 billion yuan.
The property developers' increase in sales came despite government measures efforts to cool the market, including raising down payment requirements and suspending lending for third-home purchases.
Home prices in the nation's 70 cities rose 0.3 percent month and month in November and 7.7 percent year on year, the National Bureau of Statistics said.
