Glorious Property Holdings (0845) said contracted sales last month more than quadrupled from May to 890 million yuan (HK$1.02 billion).

The Shanghai-based developer sold a total of 97,000 square meters – up 86 percent from a year ago – at an average of 9,100 yuan per square meter. Total contracted sales in the first half rose 34 percent year-on-year to 4.2 billion yuan. Glorious Property was not affected by tightening measures as most of its new projects were in either second- tier cities or first- tier cities but sold at lower prices than that covered in the measures, said chief executive Cheng Lixiong.

“But we will be cautious in the second half and pay attention to policies,” he said. It is sticking to its full-year sales target of 15 billion yuan.

Separately, Poly (Hong Kong) (0119) said contracted sales revenue in the first half rose 24 percent from a year ago to 4.7 billion yuan, while the area sold grew 3 percent to 650,000 sq m. [Read more...]