Minmetals Land four months revenue soars 1100% to RMB1.81bn

The Company further enhanced its nationwide positioning through its 11 projects under development, located in 8 tier-1 and core tier-2 and tier-3 cities.

Minmetals Land Limited (“Minmetals Land”) announces its contracted sales revenue of RMB1.81 billion for the first four months of 2011, representing an increase over 1,100% compared with 2010, while contracted GFA sold amounted to approximately 200,000 square meters. The average selling price during the reported period reached approximately RMB9,000 per sq.m., an increase of over 13% compared with 2010. The contracted sales revenue of April was RMB0.34 billion with GFA of 53,000 sq.m., representing an increase of 480% and 610% compared with 2010. As of end of April 2011, the Company has achieved 31% of full year target of contracted sales revenue of RMB5.9 billion with GFA of 640,000 sq.m.

Currently, the Company has 11 projects under development, located in 8 tier-1 and core tier-2 and tier-3 cities, which further enhanced its nationwide positioning. There will be 8 projects launched this year, a substantial increase from 3 projects in 2010. The GFA under construction and completion will be 1,790,000 sq.m. and 770,000 sq.m. respectively, according to a Minmetals Land report.

As most of the projects will be launched in the 2nd half of the year, the management has great confidence in fulfilling the full year target of contracted sales.