BRIEF: Greentown’s sales drop 8% in first quarter

Property developer Greentown China Holdings Ltd. (3900.HK) logged contracted sales of 21.8 billion yuan ($2.98 billion) from its self-invested projects in March, down 5% year-on-year, the company said on Monday. The company sold 3,478 units with 510,000 square meters of floor space during the month, at an average selling price of 42,602 yuan per square meter.

Greentown’s contracted sales for the first quarter reached 36.3 billion yuan for 1.06 million square meters of floor space. Sales attributable to the company for the period totaled approximately 23.8 billion yuan, down 8% year-over-year.

Shares of Greentown opened down 3% at HK$9.26 on Tuesday. The shares are down 30% from their 52-week high.

By Lau Chi Hang

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