New World China Land, New World Development's mainland property arm, is aiming to increase its completion area by 20 per cent for the financial year to June.
The developer has completed 11 projects with a total gross floor area of 920,735 square metres for the year just ended. For this financial year, it plans to complete 14 projects with a total gross floor area of 1.1 million square metres.
Executive director Adrian Cheng Chi-kong yesterday said the company had launched several projects with a total gross floor area of 350,000 square metres since July. About 47 per cent, or 164,500 square metres, has been sold.
If inventory sales are included, its contract sales reached a total gross floor area of 200,000 square metres, which will be booked in the current financial year.
But the company has made a provision of HK$54 million for its project in Shenzhen after property prices in the city dropped sharply.
Despite a price war in cities on the mainland, Mr Cheng said the firm had not cut prices at its projects except in Chengdu, which was hit by an earthquake in May.
He said the company was revising its contract sales target this year.
