Guangdong developer China Aoyuan Property Group says its contract sales only reached 22 per cent of its 5 billion yuan (HK$5.69 billion) goal for the first five months, but the company's target remains unchanged.
Investors are closely watching how developers deal with a raft of measures imposed by the central government to cool the property market.
Aoyuan had contract sales of 1.09 billion yuan from January to May, a 2.8 per cent rise from the same time last year.
'Most of our projects are scheduled to sell in the second half year,' said Aoyuan spokeswoman Renee Chen. 'It was the same last year.'
Aoyuan said its most high-profile development, Chang'an Ave, was now selling at an average of 60,000 yuan per square metre, 25 per cent lower than the initially-branded 80,000 per square metre.
Chairman Guo Ziwen explained that this was because the company was not selling its best properties at this point, but rather second-level properties.
Transaction figures for Chang'an Ave for the first five months were not available.