Sun Hung buy cell phones online Kai Properties sees mainland property sales surge 587%
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Sun Hung Kai Properties sees mainland property sales surge 587%Published: 16 Sep 2009 17:16:16 PST

Top 5 News From ChinaKnowledge.comShanda Games to launch IPO next FridayChampion REIT's dividend yield estimated at 8.1% for 2009Chairman reduces stake in TencentChina Vanke to raise RMB 11.2 bln through share issuanceYahoo sells 57.48 mln shares of Alibaba.com Sep. 17, 2009 (China Knowledge) - Sun Hung Kai Properties<0016>, Hong Kong's largest developer by market value, said Tuesday that its property sales in mainland China soared 587% year on year to HK$3.18 billion in the fiscal year ended Jun. 30.

Sales in mainland China accounted for 12.4% of the developer's total sales revenue during the period. In the fiscal year ended Jun. 30, 2008, mainland sales were only 3.83% of the company's total.

Analysts have predicted that the percentage of the firm's revenue from mainland China will rise to about 30% in 2012.

Vice Chairman Raymond Kwok said that the Hong Kong-listed company will continue to look for opportunities to increase its land reserves in mainland China.

Sun Hung Kai Properties currently has 55.3 million sq ft of land reserves in mainland China and 41.9 million sq ft of land reserves in Hong Kong.



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