HONG KONG, April 6, 2016 /PRNewswire/ -- CIFI Holdings (Group) Co. Ltd. ("CIFI", or the "Group", HKEX Code: 884), one of the "Top 100 Real Estate Developers in China" is pleased to announce that contracted sales for March 2016 increased 264% year-on-year to RMB6.05 billion, reached a new record high.
In March 2016, the Group achieved contracted sales of approximately RMB 6.05 billion, reached a new record high. Contracted GFA was approximately 344,400 sq.m. with contracted ASP in March 2016 was RMB 17,600 per sq.m.
From January to March 2016, contracted sales of the Group increased 199% year-on-year to RMB11.06 billion with a contracted GFA of approximately 619,200 sq.m., while contracted ASP from January to March 2016 was approximately RMB17,900 per sq.m., up approximately 40% year-on-year. During the first quarter of 2016, contracted sales of the Group achieved 31% of its full year contracted sales target of RMB36.5 billion.
From January to March 2016, breakdowns of the Group's contracted sales were as follow:
| By City |
RMB (billion) |
% of total |
| Suzhou |
3.23 |
29.2% |
| Shanghai |
3.12 |
28.2% |
| Hangzhou |
1.57 |
14.2% |
| Beijing |
0.85 |
7.7% |
| Hefei |
0.78 |
7.1% |
| Tianjin |
0.35 |
3.2% |
| Wuhan |
0.33 |
3.0% |
| Nanjing |
0.19 |
1.7% |
| Langfang |
0.19 |
1.7% |
| Chongqing |
0.14 |
1.3% |
| Shenyang |
0.10 |
0.9% |
| Zhenjiang |
0.10 |
0.9% |
| Changsha |
0.06 |
0.5% |
| Jiaxing |
0.05 |
0.4% |
| Yangtze River Delta |
9.04 |
81.7% |
| Pan Bohai Rim |
1.49 |
13.5% |
| Central Western Region |
0.53 |
4.8% |
Land Acquisition
In March 2016, the Group has successfully conducted the following acquisitions:
| City |
Project |
Group's Current Equity Interest |
Intended Primary Use |
Site Area (sq.m.) |
Total Planned GFA Excluding Carpark (sq.m.) |
Group's Attributable Consideration (RMB) |
Average Land Cost (RMB/ sq.m.) |
| Hangzhou |
Yuhang District, Liangzhu New Town, No. 64 Project |
35% |
Residential |
24,596 |
54,111 |
94,808,000 |
5,006 |
| Shenyang |
Shenhe Distrcit, Guangchang Road South Project |
100% |
Residential |
5,340 |
15,487 |
62,680,000 |
4,047 |
| Tianjin |
Haihe Education Park No. 14 Project |
25% |
Residential |
150,241 |
202,825 |
225,500,000 |
4,447 |
Major Financing Transactions
The Group signed club loan agreements for an unsecured US$600 million 3-year US dollar/Hong Kong dollar dual currency loan facility with an interest rate of LIBOR/HIBOR +4% per annum. Proceeds of the club loan will primarily be used for the early redemption on 15 April 2016 of the US$500 million offshore bonds due April 2018 with a coupon rate of 12.25%.
About CIFI Holdings (Group) Co. Ltd.
CIFI is headquartered in Shanghai and is amongst China's Top 30 Real Estate Developers. CIFI principally focus on developing high quality and end-users driven properties in first- and second-tier cities in China. CIFI's development projects cover various properties types including residential, office and commercial complexes. To learn more about the Company, please visit CIFI's website at: http://www.cifi.com.cn
