Beijing hydraulic press brake Capital Land says Jan-Feb flat sales jump
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HONG KONG, March 3 - Chinese real estate developerBeijing Capital Land <2868.HK> said on Tuesday its flat salesrevenues rose about 92 percent in the first two months of 2009from a year ago, adding it will focus on accelerating sales in aweak market.</p]
The company sold more than 500 million yuan ($73.07 million)worth of flats in January and February, chief financial officerLuo Jun told reporters.</p]
With government's supportive measures in a bid to stabilizethe property market, the company plans to put about 13 projectsup for sale this year, compared with 7 last year.</p]
Beijing Capital Land, which posted a 53.2 percentyear-on-year drop in flat sales revenues to 3.75 billion yuan($548 million) in 2008, has set an ambitious sales target of 6billion yuan in 2009.</p]
Despite the global financial crisis, which has slowedChina's economic growth and dampened buying interest,fundamentals of the real estate market remain intact, presidentJun Tang said.</p]
"Continued urbanization and sustained economic growth willexpedite growth of China's property market," Tang said.</p]
The company, which posted a 27 percent fall in 2008 profitto 382.89 million yuan on Monday, aims to reduce its net debtratio to 80 percent in 2009 from 110 percent last year, Tangsaid.</p]
Beijing Capital Land in November obtained Chineseregulator's approval on its plan to issue up to 1.8 billion yuancorporate bonds in the mainland. Tang said the company aims toissue the bond in the first half.</p]
Capital expenditure for 2009 will amount to 1 billion yuanfor payment of land premiums, Luo said but gave no comparison.</p]
The company shares jumped 10.53 percent to HK$0.84 at middayon Tuesday with 6.8 million shares changing hands. </p]
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