Top 10 realty firms’ land reserves hit 305m sq m

(chinadaily.com.cn)
Updated: 2009-10-10 16:13

Land reserves of the top 10 real estate companies have reached 305 million sq m, Beijing Times reported citing data jointly released on October 9 by the China Real Estate Appraisal (CREA) and the E-house China R&D Institute and the China Real Estate Information Circle System (CRIC).

The Evergrande Real Estate Group has a land reserve of 51 million sq m, followed by the Country Garden Holdings Company Limited, with a land reserve of 43.6 million sq m. It will take Evergrande 8.5 years and Country Garden 13 years to sell their respective land reserve, if calculated by their speed of selling in the first three quarters this year. Evergrande sold 4.54 million sq m of apartments in the first three quarters, and Country Garden sold 2.34 million sq m.

The top 10 companies have spent 77.9 billion yuan ($11.4 billion) in the first three quarters this year on land reserves, most of which are located in second or third-tier cities in China, according to Long Shengping, the CREA director.