Shares of Poly Property Group, a major Hong Kong-listed real estate developer, soared 5.53% on Monday after the company reported robust contracted sales figures for September and the first nine months of 2024.
Poly Property, focused on residential and commercial property development in mainland China, saw its contracted sales reach around 3.4 billion yuan ($477 million) in September. The contracted gross floor area sold during the month totaled 149,000 square meters at an average selling price of around 22,991 yuan per square meter.
More significantly, the company's year-to-date contracted sales through September amounted to 40.2 billion yuan, underscoring healthy demand for Poly Property's projects. The solid sales performance reflects the firm's strong execution capabilities and points to resilient conditions in China's real estate market despite concerns about an economic slowdown.
Investors cheered Poly Property's sales numbers, driving the stock up 4% to close at HK$2.07 on Monday. The company's shares are up around 15% year-to-date, outperforming the broader Hong Kong market.
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