Sunac China expects home sales of 65b yuan in 2014

Sunac China Holdings Limited, a Hong Kong-listed property developer, aims to achieve 65 billion yuan ($1.04 billion) worth of home sales in 2014, the company's chairman, Sun Hongbin, said on Wednesday.

The company sold homes with a contract value of 50.8 billion yuan in 2013, making it the 11th-largest developer in China.

"The target of 65 billion yuan in sales is quite a conservative one, as we consider all unfavorable conditions and policy risks," said Sun. "And we will continue to focus on high-end projects in core cities."

As an integrated residential and commercial property developer, Sunac China undertook projects in Beijing, Tianjin, Shanghai, Chongqing and Hangzhou. The company develops a wide range of properties, including high-rise and mid-rise residences, detached villas, townhouses, retail properties and offices.

"We will definitely seize more land parcels in 2014 than in the previous year," Sun said.

In September, Sunac successfully bid for a plot of land in Beijing at a total cost of 4.3 billion yuan. The parcel has a gross area of about 59,000 square meters, which works out to an average cost of about 73,100 yuan per square meter.

It is one of the highest recorded prices in the history of land auctions in Beijing.

Sunac was incorporated in the Cayman Islands on April 27, 2007, and listed on the Hong Kong Exchange on Oct 7, 2010. At the end of June 2013, it owned 51 projects and had a land bank of 16.5 million square meters.