Shimao to hit 2013 sales target ahead of schedule

Shimao Property Holdings said it would achieve its full-year sales target of 55 billion yuan (HK$69.16 billion) by October, amid a positive outlook for the mainland's housing market.

The upbeat sales view came as the developer announced a 11.4 per cent year-on-year growth in net profit to 3.47 billion yuan for the first six months of the year.

Core profit, excluding fair value gains of investment properties, jumped 60.7 per cent to three billion yuan from the same period last year.

Shimao, which has about 70 projects in 34 cities, said its contracted sales grew about 45 per cent to 32.5 billion yuan in the first half.

"As of July 31, contracted sales amounted to 36.5 billion yuan, representing about 66.5 per cent of our annual sales target," said Jason Hui Saitan, executive vice-chairman of the Shanghai-based company. "We are confident of achieving our full-year sales target by October," said Hui.

Chairman Hui Wing-mau said the mainland's property market took a positive signal from a July 30 Politburo meeting presided over by President Xi Jinping. The meeting, where the tone was set for the economic policies for the second half of this year, did not mention curbs on the real estate market.