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Sino-Ocean Land buys land in Tianjin, raises sales target
Published on: 2009-10-29
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Oct. 29, 2009 (China Knowledge) - Sino-Ocean Land Holdings Ltd, a real estate developer, yesterday announced that it has acquired a piece of land in Xiqing District, Tianjin for RMB 1.1 billion, sources reported.

On the site, the Hong Kong-listed firm plans to build apartments with a combined potential floor area of 130,400 square meters.

Zhang Yun, general manager of the investment management department, said that the firm had reaped RMB 11 billion in sales revenue as of Oct. 23 and that 60% of the revenue was from apartment sales in three property projects in Beijing.

The company now aims to realize RMB 12 billion in sales revenue this year, having raised its target a second time. Earlier, it had increased its sales target from RMB 8 billion to RMB 11 billion because it had reaped more than RMB 10.1 billion in contracted sales revenue as of Sep. 18.

Sino-Ocean Land plans to increase its investment in commercial properties in the next three to five years to bring the proportion of revenue from commercial property to 10% of the total.

So far, the firm has obtained RMB 30 billion in credit from domestic banks and US$700 million in credit from overseas banks. It has also issued RMB 2.6 billion in corporate bonds.

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