Annual Report 2009 - Greentown China Holdings Limited

Management Discussion and Analysis
Projects completed during the Year (continued)
Region Project Phases
Interest
attributable
to the Group
Total
GFA
delivered
Aboveground
saleable
area
Area sold
as of
the end of
2009
(sq.m.) (sq.m.) (sq.m.)
Associates Hangzhou Hangzhou Hope Town Commercial centre
45% 37,437 N/A –
and kindergarten
Hangzhou Hangzhou Hope Town Phase 5-1 45% 47,496 36,365 35,740
Hangzhou Hangzhou Hope Town Phase 7-1 45% 42,200 25,853 24,869
Hangzhou Hangzhou Majestic Mansion 45% 77,567 54,190 53,400
Hangzhou Hangzhou Tulip Bank Block 3 50% 20,050 10,340 10,340
Hangzhou Hangzhou New Green Garden Phase 1 50% 90,730 57,339 57,339
Zhejiang Haining Lily New Town High-rise Phase 1 50% 77,632 61,201 56,233
Zhejiang Haining Lily New Town Villa Phase 4 50% 57,273 40,807 32,639
Zhejiang Deqing Sweet Osmanthus Town Phase 2 46.6% 120,353 97,281 95,850
Henan Zhengzhou Lily Apartment Phase 3 Lot D 37.7% 94,170 71,177 70,723
Henan Zhengzhou Lily Apartment Phase 4 37.7% 79,582 59,672 59,170
Jiangsu Nantong Rudong Hupanju Phase 2 50% 46,557 28,756 27,495
Jiangsu Nantong Rudong Hupanju Phase 3 Part 1 50% 31,373 23,803 14,501
Shandong Jinan National Games Project Hotel 45% 79,523 N/A
Sub-total 901,943 566,784 538,299
Total 1,933,691 1,271,439 1,164,094
Property Sales
The Greentown Group’s annual contracted sales
amounted to RMB51.3 billion, with contracted GFA
totalled 3.5 million sq.m. during 2009, representing
increases of 238% and 184% respectively as compared
to 2008. Both the total contracted sales and GFA sold set
new records for the Greentown Group, and they placed
the Greentown Group among one of the top China’s real
estate developers. The Group accounted for 2.00 million
sq.m. of the contracted GFA sold and RMB33.9 billion of
the contracted sales, representing increases of 142% and
219% respectively as compared to the 2008 figures.
The Greentown Group further enlarged its market share
in Zhejiang province. In Hangzhou, the Greentown Group
recorded contracted sales of RMB16.3 billions with total
GFA sold amounted to 0.9 million sq.m., representing an
increase of 191% over 2008. The total contracted sales
generated in Hangzhou, which contributed 32% of the
Greentown Group’s total contracted sales, accounted
for 10.1% of the market share in Hangzhou during 2009.
Apart from Hangzhou, the Greentown Group contracted
to sell a total GFA of 1.56 million sq.m. for a total of
RMB22.4 billion in other areas of Zhejiang province,
which represented 44% of our total contracted sales and
was 243% higher than those of 2008. They accounted for
9.1% of all property transactions in Zhejiang province.
The Greentown Group’s business in Shanghai, Beijing and
Shandong has likewise increased in 2009. The combined
sales of the Greentown Group in the aforesaid three
regions amounted to RMB8.2 billion, representing a 486%
increase over 2008. The Greentown Group’s first project
in Jinan – the Jinan National Games achieved sales of
RMB2.3 billion in 2009, which is the highest figure for any
property project in the city and accounted for 13.2% of all
property market transactions there in 2009.
The Greentown Group’s property projects, ranging from
standard apartments to high-end villas, all achieved
exceptional sales performances. In fact, our overall presale
rate leapt from 52% in 2008 to 89% in 2009, representing
an increase of 37 percentage points. The pre-sale rate
of apartments even reached 93%.
The average selling price of the Greentown Group’s aboveground
properties increased from RMB11,910 per sq.m.
in 2008 to RMB14,684 per sq.m. in 2009, representing an
increase of 23%. Our apartments were sold for an average
selling price of RMB13,514 per sq.m. and our villas for
RMB26,364 per sq.m.
Classified by category of properties, apartments, villas and
commercial buildings (offices and shops) accounted for
76%, 17% and 4% respectively of the Greentown Group’s
total contracted sales for the Year.
Sales by region 2009 Sales by property type 2009
44% Zhejiang
(exclude
Hangzhou)
32%
Hangzhou
8% Yangtze
River Delta
Region
(exclude
Zhejiang)
11% Bohai
Rim Region
5% Other
regions
76% Apartment
17% Villa
8% Commercial
4% Commercial
3% Garage, Storehouse
Greentown China Holdings Limited Annual Report 2009 49