(Yicai Global) Oct. 11 -- China Evergrande Group [HKG:03333] has deposed China Vanke Co. [SHE:000002], bringing an end to its eight-year reign as the country's biggest real estate developer.
Guangzhou-based Evergrande's sales hit almost CNY281 billion (USD42 billion) in the nine months through Sept. 30, it said yesterday. That compares with Vanke's nearly CNY263 billion and puts Evergrande well on course to meet its annual sales target of CNY300 billion. Country Garden Group [HKG:2007] had sales of almost CNY226 billion in the three quarters.
Evergrande has built up a 6.8 percent stake in Vanke, the target of a headline-grabbing hostile takeover bid by another company. The very public tussle for control of the blue chip company has been one of the biggest corporate news stories in China since last year. Evergrande said it bought the stock mainly for its investment value.
Evergrande's contracted sales for the three quarters gained almost 118 percent over the same period a year earlier. Total space sold amounted to nearly 34.58 million square meters, representing a 106 percent increase from a year ago.
In September, sales surged more than fourfold to a little over CNY47.5 billion, while area sold jumped almost three times to nearly 5.16 million square meters.