Beijing-based developer Sino-Ocean Land Holdings has set a target of 50 per cent growth in construction area, turnover and profit next year.
Chief executive Li Ming yesterday said a recovery in property sales would not occur until June or July next year.
However, the company's target would be supported by a 10 per cent rise in prices next year and development of more high-end properties.
Sino-Ocean Land targeted next year's contract sales of 10 billion yuan (HK$11.4 billion) to 13 billion yuan and completed floor area of between 1.4 million and 1.5 million square metres.
Because of poor market sentiment, the company has cut the contracted sales target for this year by about 40 per cent to between 5 billion yuan and 7 billion yuan from 8 billion yuan to 12 billion yuan.
Contracted sales dropped 23 per cent in the first half to about 2.33 billion yuan with an average price of 14,209 yuan per square metre.
Mr Li said other than a 20 per cent cut in its project in Zhongshan, no other price cuts were made at company projects in the first half.
