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Minmetals Land’s eight month contracted sales up 120% to CNY2.45bn

The company currently has locked in 60% of the full year contracted sales target of CNY4.05bn.

Minmetals Land Limited (“Minmetals Land”) announced its contracted sales of August 2011 amounted to RMB352 million and contracted GFA sold of 28,600 sq.m. (ASP: RMB12,300 per sq.m.).

According to a Minmetals Land report, contracted sales reached RMB2.45 billion for the first eight months of 2011, grew by 124% YoY while contracted GFA sold amounted to 266,000 sq.m., surged by 162% YoY. At the end of August 2011, there were RMB360 million sales orders pending signing off of the final documents. As a result of the change in product mix of deliveries, the average selling price (“ASP”) during the reported period dropped by 14% YoY to RMB9,200 per sq.m. Currently, the Company has eight projects under development and has locked in 60% of the full year contracted sales target of RMB4.05 billion.

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