MEDIA RELEASE PR36792
With the Chinese Real Estate Market Reshuffling, Li Ka Shing Intends to Purchase New Shares
BEIJING, Oct. 27 /PRNewswire-Asia-AsiaNet/--
On Oct. 21, there was news from the Hong Kong capital market that Evergrande Real Estate Group
(Evergrande), a large Chinese real estate company that recently went public with a share offering, has
attracted active subscription in the amount of several hundred million US Dollars by Chinese millionaires,
including Zheng Yutong, Luanxiong and Li Ka Shing who had not invested in new shares for a long time.
According to the Sales Rankings of Chinese Real Estate Companies for Q3 2009 released on October 9th by
CRIC (China) Information Technology Co., Ltd, in cooperation with China Real Estate Appraisal and Shanghai
E-house R&D Institute, Evergrande ranks number one in five listings, including in floor space sold for the first
three quarters, sales revenues and land reserves at the end of Q3. Sina Leju, the first media source to
announce the release of the sales rankings, reports more information concerning Evergrande, part of which is
as follows.
Xu Jiayin, Chairman of the Board of Directors of Evergrande, went to Hong Kong during this year's National
Day holidays. He was not vacationing, but preparing for the global road shows for Evergrande's IPO and the
official listing scheduled for October and November respectively. According recent market news, Evergrande,
which is preparing to go public in the Hong Kong market, has become popular and attracted subscription by
Chinese millionaires Zheng Yutong, Luanxiong and Li Ka Shing in the amount of several hundred million US
Dollars immediately after its share offering.
According to another insider close to the underwriting group, Evergrande's international distribution was
twice the subscription. Many industry experts commented that although some mainland real estate companies
were confronted with the awkward situation of their stock prices sinking below IPO price when they went public
in the Hong Kong market, Evergrande's subscription showed that well-known real estate companies with prime
assets can be recognized and favored by investors as prices of Hong Kong shares rise.
As a black horse in the market, Evergrande's has taken a leading position. According to CRIC's statistical
data, in Q3, 2009, Evergrande realized sales revenue of RMB12.33 billion, RMB300 million more than that of
Vanke, which was ranked the second; its sold floor space amounted to 2.303 million square meters, 840,000
square meters more than that of the second place holder. In terms of sales growth for Q3 and the first half of
2009, Evergrande doubled the growth of both sold floor space and sales revenue.
Meanwhile, in terms of nationwide land reserves, Evergrande ranked number one with land reserves of 51
million square meters. Country Garden ranked second with land reserves of 43.6 million square meters. Vanke
and Poly ranked ninth and tenth respectively. Some industry insiders have speculated that Evergrande's
performance represents the biggest change in the Chinese real estate market this year. In the context of fierce
competition among real estate companies, the positions of some well-established real estate developers are
being challenged as some emerging companies, such as Evergrande, Poly, and China Overseas Property, are
developing rapidly.
Some industry insiders commented that Evergrande's top sales performance can be attributed to its
strategy of rapid development and cost control. According to statistics, the average price of its residential
projects is RMB5,354 per square meter, up slightly from RMB 5,318 per square meter, which was the average
price in the first half of this year.
For more information, please contact:
Kevin
Fax: +86-10-5895-1005
Email: Kevinmts@sina.com
SOURCE: Sina Leju
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