Shimao sales value expected to pass $13b

Shimao Property Holdings Limited, a real estate company listed in Hong Kong, is expected to see its sales value exceed its original target of 88 billion yuan ($13.3 billion), according its top management.

The company's sales value in the first 10 months this year reached 78.6 billion yuan, up 30 percent year-on-year. Shimao has raised its annual target from 80 billion yuan to 88 billion yuan during its interim conference, and the company now has realized 89 percent of its improved annual sales target.

"Shimao will accelerate its development for the next three years," said Shao Liang, assistant president of the Shimao Group. "Shimao also will expand its land parcel bank until mid-2018. So far, the company has invested more than 70 billion into the land market this year."

The starting point (in terms of the annual sales value) for the top 20 property developers in China within three years, will be around 200 billion yuan, according to Shao.

"And that's why we attach lots of attention to the company's scale," Shao added. "Our target for the coming three years will be to increase our scale as fast as we can, on the premise of ensuring the profitability. We are striving to achieve an annual compound growth of 40 percent in the coming three years."

Liu Yukun contributed to this story