China Overseas Land and Investment Ltd (“COLI”) announced the property sales in June amounted to HK$4.56 billion, an increase of 204.9% as compared to the same period of last year. The total GFA of property sold in June was 502,000 square meters, an increase of 165.4% as compared to the corresponding period of last year. From January to June 2008, the total sales of properties amounted to HK$15.81 billion, an increase of 84.9% as compared to the corresponding period of last year; total GFA sold amounted to 1.47 million square meters, representing an increase of 58.3% as compared to the same period of last year. The real estate business in Bohai Rim Region accomplished the most rapid growth from January to June, the sales revenue and total GFA sold amounted to HK$3.9 billion and 400,000 square meters, an increase of 344.8% and 224.8% respectively as compared to the corresponding period of year 2007. The central western region of Mainland and Yangtze River Delta region achieved rapid growth as well; the sales revenue of the regions marked an increase of 153.0% and 54.2% respectively.
In June 2008, the Company newly acquired two parcels of land, one is located in Tianjin City with a GFA of 173,000 square meters and the other one is located in Zhuhai, with a GFA of 138,000 square meters. The Tianjin project is located at the CBD of Tianjin Binhai new district. It is planned to develop into a mixed-used project that will include office, commercial buildings and serviced apartments. After the development, it will become the landmark of the business district of Tianjin Binhai new district. For the first six months of 2008, the newly acquired land provides an aggregate GFA of 2.304 million square meters (attributable interest of 1.777 million square meters). Currently, COLI has a total land reserve of 25.8 million square meters, enough for meeting its requirement which is set in such a way to ensure annual profit increase of over 20% in the coming 4 -5 years.
Note: Due to the uncertainties arise during the sales and investment progress, discrepancy may arise from the above sales and land reserve figures to those announced from the regular financial report. Above figures are for reference only.
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