Property developer Greentown China Holdings Ltd. (3900.HK) announced on Thursday that sales for its self-developed projects fell 9% year-on-year to 7.1 billion yuan ($974 million) in January from 7.7 billion yuan in the same month of 2024.
The company sold 1,231 units at its self-developed projects during the month, down 13.5% year-on-year, with an average price of approximately 37,278 yuan per square meter, down 7% from the same month a year earlier.
Among China’s many property developers, Greentown is in a small minority that have been relatively stable and don’t require restructuring of a heavy debt loads. Still, the company has also been affected by China’s weak real estate market and previously warned that its profit last year fell about 50% from 3.12 billion yuan in 2023.
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