(Yicai Global) March 28 -- Driven by China's fast-growing real estate market in China, property developer Greentown China Holdings Ltd. [HKG:3900] and its affiliates reported an increase of over 58 percent in sales to USD14 billion (CNY113.9 billion), topping CNY100 billion for the first time, per its financial data for last year. Its net profit grew 76.6 percent from a year earlier to CNY2.2 billion.
Total floor space sold by Greentown Group (Greentown China and its affiliates) reached 6.26 million square meters in 2016, according to Greentown China's annual report issued yesterday. Floor space sold by Greentown China itself was 4.83 million square meters. Sales hit CNY95.8 billion.
Greentown Group added nine quality land plots last year in key cities, including Beijing, Tianjin and Hangzhou, via public tender or acquisition. Its new projects cover a total floor area of 2.28 million square meters and the total land price for these was CNY18 billion. Estimated value of new inventories was CNY44.7 billion, and the average floor price of new land is CNY11,676 per square meter.
Greentown Group expects total floor space available for sale to be 8.71 million square meters in 2017, with projected sales of CNY149.3 billion.