Sino-Oce maple story mesos an Land buys land in Tianjin, raises sales target

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Sino-Oce maple story mesos an Land buys land in Tianjin, raises sales target
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2011/11/23 10:55:31

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Sino-Oce maple story mesos an Land buys land in Tianjin, raises sales target

Sino-Oce maple story mesos an Land buys land in Tianjin, raises sales target

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Sino-Ocean Land buys land in Tianjin, raises sales targetPublished: 28 Oct 2009 20:06:18 PST<p class="authorInfor"]</p]<!--begin CK content--]<ul class="narrow"]More From ChinaKnowledge.comChina Economy DataChina Business GuideChina DemographicChina Industrial ParksChina Financial Market<P]Oct. 29, 2009 (China Knowledge) - Sino-Ocean Land Holdings Ltd<3377>, a real estate developer, yesterday announced that it has acquired a piece of land in Xiqing District, Tianjin for RMB 1.1 billion, sources reported.</P]<P]On the site, the Hong Kong-listed firm plans to build apartments with a combined potential floor area of 130,400 square meters.</P]<P]Zhang Yun, general manager of the investment management department, said that the firm had reaped RMB 11 billion in sales revenue as of Oct. 23 and that 60% of the revenue was from apartment sales in three property projects in Beijing. </P]<P]The company now aims to realize RMB 12 billion in sales revenue this year, having raised its target a second time. Earlier, it had increased its sales target from RMB 8 billion to RMB 11 billion because it had reaped more than RMB 10.1 billion in contracted sales revenue as of Sep. 18. </P]<P]Sino-Ocean Land plans to increase its investment in commercial properties in the next three to five years to bring the proportion of revenue from commercial property to 10% of the total. </P]<P]So far, the firm has obtained RMB 30 billion in credit from domestic banks and US$700 million in credit from overseas banks. It has also issued RMB 2.6 billion in corporate bonds.</P]
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