After the Sales Performance Target Was Achieved, Evergrande Adjusted the Prices and Controlled the Tempo, with the Sales Volume of 79.1 Billion Yuan and the Anticipative Profit in the First 11 Months

BEIJING, Dec. 13, 2011 /PRNewswire-Asia/ -- In the past one month, facing the dead-alive Chinese real estate market, majority of Chinese real estate enterprises have introduced various activities such as surrendering part of the profits for promotion, so as to attract the market consumers. However, in the wide upsurge of price reduction, Evergrande (3333.HK), the first to complete the full-year sales target, increased the prices and controlled the enterprise sales tempo in the adverse market. An original report from Sina Leju follows:

According to the sales performance of November released by Evergrande on December 13, Evergrande achieved the single-month contracted sales volume of 1.24 billion yuan, the contracted sales area of 165,000 square meters and the contracted average sales price of 7,510 yuan per square meter. In the first 11 months this year, Evergrande accumulatively achieved the sales volume of 79.11 billion yuan, with an increase of 65.8% on a year-on-year basis, completing 113% of the full-year sales target of 70 billion yuan, the sales area of 12.021 million square meters, with an increase of 58.9% on a year-on-year basis, and the contracted average sales price of 6,581 yuan per square meter, with an increase of 4.3% on a year-on-year basis.

It is understood that since July this year, Evergrande has actively adopted the strategy of fluctuating in line with market conditions. It achieved excellent sales performance for several consecutive months by means of promotion strategy of different forms, and finally overfulfilled the full-year sales plan two months earlier, becoming the first leading real estate enterprise overfulfilling the full-year task in advance in China.

It's worth noting that at the news conference of sales performance of October, the management of Evergrande once said, as there are a large amount of cash flow on hand, no new reserves will be increased in the second half of the year. These three factors for the objectives of the whole year have been overfulfilled in advance. Evergrande would adjust the sales strategy, including adjusting the sales prices to some extent and controlling the sales tempo.

In terms of price adjustment, in November, Evergrande achieved the average sales price of 7,510 yuan per square meter, with an increase of 21.9% compared to that of last month, which was 6,160 yuan per square meter; in terms of sales tempo controlling, Evergrande offered 17 new properties in October, but did not offer any new property in November. According to the market analysts, under the large background of overfulfilling the full-year target in advance, Evergrande took the initiative to adjust the sales price and control the property offering speed, which would not only benefit from the good cash flow status, but also bring anticipative investment income for investors.

SOURCE Sina Leju

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