China Overseas Land Invested 11.9B Yuan On Land Acquisition

China Overseas Property, a subsidiary of China Overseas Land & Investment (0688.HK), recorded a 51.9 percent year-on-year increase in transaction value to HK$2.78 billion in February, reports NetEase, citing unnamed company sources. 

Transaction area in February decreased 13.7 percent to 185,000 square meters.

Cumulative transaction value and transaction area in the first two months of 2010 increased 115.5 percent and 36.4 percent from the previous year to HK$6.88 billion and 509,000 square meters. The analyst expects transaction volume to increase if no new measures to control the growth of the real estate sector are announced.

China Overseas Land & Investment acquired nine plots of land in the first two months of 2010 for 11.9 billion yuan. Eight of these plots are located in China’s second-tier cities.

Standard & Poor has given China Overseas Land & Investment a BBB- rating, ranking the company ahead of the 14 listed real estate companies that it covers.

Separately, China Vanke (000002) invested 12.5 billion yuan on land acquisition in the first two months.