Minmetals Land’s 9 months contracted sales up 117% to CNY3bn

The Company has locked in 74% of its CNY4.05bn full year contracted sales target.

Minmetals Land Limited (“Minmetals Land”) is pleased to announce its contracted sales of September 2011 amounted to approximately RMB550 million with contracted GFA sold of 47,000 sq.m., grew by 56% and 64% respectively when compared with last month (ASP: RMB 11,700 per sq.m.), according to a Minmetals Land report.

Contracted sales reached RMB3 billion for the first 3 quarters of 2011, grew substantially by117% YoY while contracted GFA sold amounted to 313,000 sq.m., surged largely by 156% YoY. At the end of September 2011, the Company has locked in 74% of its full year contracted sales target of RMB4.05 billion. As a result of change in product mix of deliveries, the average selling price (“ASP”) during the reported period dropped by 16% YoY to RMB9,500 per sq.m. Currently, Minmetals Land has a land bank in GFA of over 4 million sq.m. and there are 10 projects under development, which located in Beijing, Tianjin, Nanjing, Changsha, Huizhou, Yingkou and Hebei Xianghe. Up to the end of September 2011, the Company has cash on hand of approximately HKD3.2 billion and a net debt ratio of 21.6%. Minmetals Land will pay close attention to the change of the PRC real estate market and search for opportunities for development while maintaining healthy operation.