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Higher-tiered cities remain a focus for the developer
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ZHONGNAN Group, a leading property developer in Jiangsu Province, said today in Shanghai that it plans to more than double its real estate revenue in the next five years as the company further expands its presence across the country with a strategic focus in first- and second-tier cities.
The company, which first tapped Shanghai in October 2015 through acquisition of a land parcel in outlying Fengxian District, hopes to raise its revenue from real estate operations to 60 billion yuan (US$9 billion) by 2020, a notable jump from this year's target of 28.6 billion yuan.
In the Shanghai market alone, Zhongnan aims to increase its revenue to between 10 billion yuan and 15 billion yuan by 2020.
The company said it will rely on expansion in first- and second-tier cities for its future growth, which will jointly contribute more than 80 percent of its property sales by then, with cities including Suzhou, Shanghai, Beijing, Shenzhen and Tianjin being the key markets.
Earlier this month, Zhongnan expanded its local land reserve again after agreeing to pay 1.96 billion yuan, or a premium of 54 percent to the reserve price, for a 36,279-square-meter parcel in western Qingpu District.
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