BRIEF: Greentown sales fall 30% in first quarter

Property developer Greentown China Holdings Ltd. (3900.HK) reported on Thursday that contracted sales for company-owned projects in March totaled 2,840 units, down 18% from 3,478 units a year earlier. Total sales area for the month was about 420,000 square meters, generating proceeds of 15.1 billion yuan ($2.21billion), down 30.7% year-over-year. The company’s average selling price fell 15.5% from the year-ago period to 36,012 yuan per square meter.

The March data brought Greentown’s cumulative contracted sales to approximately 25.6 billion yuan during the first quarter, down 29.5% year-over-year. The company sold around 820,000 square meters by floor area during the quarter. Sales attributable to Greentown’s equity holders stood at 17.7 billion yuan, down 25.6% compared with the same period last year.

Shares of Greentown rose by a slight 0.12% on Friday to close at HK$8.35. The stock is down 30% from its 52-week high.

By Lau Chi Hang

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