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Greenland tops Vanke last year in home sales
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SHANGHAI-BASED Greenland Holding Group Co beat its rival China Vanke in housing sales last year for the first time.
Greenland’s contracted sales in 2014 rose 50 percent annually to 240.8 billion yuan (US$38.8 billion), including a 4.7-fold surge in overseas sales to 15.3 billion yuan, the firm said in a statement late Sunday.
Vanke’s property sales rose 25.9 percent to 215.1 billion yuan last year, the developer said late Monday.
Vanke, formerly China’s largest developer by revenue, has been cautious toward new projects amid a downturn in the real estate sector across China since the beginning of 2014. The developer had 39 projects totaling 6.76 million square metres last year, a plunge of 62.5 percent from 2013, according to its public announcement.
Surprisingly strong property sales in December signaled recovery in market sentiment as the government eased housing and monetary policies. But any recovery in the real estate market is likely to be slow, according to analysts.
In late October, China reduced mortgage rates and downpayment level for home buyers for the first time since the 2008 global financial crisis.
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