Greentown continues sharp growth

Greentown China Holdings, a Hangzhou-based real estate developer specializing in medium- and top-class residential properties, said Wednesday its first-half revenues climbed 74% year-on-year to US$681.27 million (RMB5.13 billion) on the back of rising housing prices in Shanghai and Hangzhou, the capital of eastern China’s Zhejiang province, the Shanghai Financial News reported. Profits edged up just 1% year-on-year to US$34.59 million (RMB259 million), according to Greentown’s statement to the Hong Kong Stock Exchange. The developer sold and pre-sold 644,284 square meters of apartments and houses during the period, 125% up year-on-year. Meanwhile, it added 2.18 million square meters to its land bank, bringing its total to 15.05 million square meters. Greentown said it expects to complete and sell 16 projects with a total gross floor area of 1.14 million square meters in the second half, and predicted full-year revenues would exceed US$1.33 billion (RMB10 billion). Greentown has been aggressively enriching its portfolio across China and displayed five luxury condo and villa projects at prices up to US$7.97 million (RMB60 million) at the Second China International Luxury Property Show held last week. In June, the developer bought a 59,253-square-meter land plot in northern Shanghai for US$167.33 million (RMB1.26 billion), or US$1,660 (RMB12,500) per square meter. The area is surrounded by a newly developed commercial area and several of the most prestigious universities in Shanghai.