BEIJING: On September 8, 2010, one of China's leading real estate developers of large-scale integrated residential property -- Evergrande Real Estate Group (3333.HK) -- released its property sales report for August 2010 in Hong Kong. An original report from Sina Leju assesses the situation as follows:

Average contracted sales price increased by 30% on a year-on-year basis

The 2009 annual report from Evergrande indicated that the average sales price of 2009 was 5,375 yuan, which was influenced by the financial crisis of 2008 and the depression of the real estate market in 2009. Since 2010, following the general trend of the market, Evergrande has adjusted the prices in response to market conditions and reasonably adjusted the structure of products to be launched on the market. The average contracted sales price in August was 6,327 yuan per square meter, with an increase of 23.9% on a year-on-year basis. The average sales price of the Group from January to August increased by 29.0% on a year-on-year basis.

Sales amount of 4.44 billion yuan achieved in August

In August, Evergrande achieved the contracted sales amount of 4.44 billion yuan (or RMB) and contracted sales area of 702,000 square meters. The Group's contracted sales amount in August increased by 51.9% compared with that of the same period of 2009, and its sales area increased by 22.6% on a year-on-year basis.

Total sales amount exceeded 30.5 billion yuan, achieving 80% of the full-year target

From January to August in 2010, Evergrande achieved the contracted sales amount of 30.5 billion yuan in total, achieving 76.2% of the full-year contracted sales target; the total contracted sales area was 4.902 million square meters. The contracted sales amount of the Group from January to August increased by 102.9% compared with that of the same period of 2009, and the sales area increased by 57.4% on a year-on-year basis. In view of 65.2% of the full-year contracted sales target achieved from January to July, in August, the Group adjusted the sales rhythm tactically. Only one project -- Shenyang Evergrande Metropolis -- was launched on the market in August, which is different from July when three projects were newly launched on the market. It is planned that four to five projects will be launched on the market in the "golden month" of September. It is estimated that the Group will have about 50 projects on sale in total at that time.

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SOURCE Sina Leju