Sales prospects look dim for Glorious Property Holdings as property prices on the mainland are expected to drop. The mainland developer has so far met only about 28 per cent of its 15 billion yuan (HK$17.24 billion) sales target for this year. The disappointing result comes as the Ministry of Land and Resources forecast on Sunday that there would be a correction in the property market, according to Xinhua. Chief executive Cheng Lixiong said the company had no plans to change its sales target. A correction in the mainland property market was inevitable and it would be hard to quantify the drop as the initial price fall would only be the beginning of an overall decline, according to David Ng, the head of regional property research at Royal Bank of Scotland. 'Most developers have to revise down their target, but they won't say it now,' Ng said. 'From their perspective, there's nothing to gain, it will only be a negative for stock prices.' Cheng said that for the first six months, the company booked contracted sales of 4.2 billion yuan, 34.2 per cent more than in the same period last year. Last year, the company had a more modest sales goal of 6.4 billion yuan. 'Nobody can make an accurate projection of what the market is going to be like,' Cheng said. But he added that 'whatever the government says through an official channel is always accurate'. The company posted revenue of 6.17 billion yuan and profit attributable to shareholders of 2.37 billion yuan for the past financial year. Cheng said cash flow was strong as the company had credit facilities of about 11 billion yuan from the Bank of China and China Construction Bank Corp. Glorious Property said it had available funds of 10 billion yuan, but it does not have any plans to buy land this year. The company had considered a bond issue in April to increase cash flow but the plan was shelved because of the unstable debt market, according to Cheng. Glorious Property has more than 27 projects in 11 cities, including Beijing, Shanghai and Tianjin. The company's shares rose 1.9 per cent to close at HK$2.20 yesterday.