Greentown acquires 3 lots in Shanghai for RMB 700 mln

Greentown China Holdings<3900>, a Hong Kong-listed mainland developer, has acquired three land lots in Shanghai for about RMB 7 million, the Shanghai Securities News reported.

The newly acquired land lots, located in Qingpu Zone and Fengxian district, cover an area of about 284,200 square meters and will be used to construct medium and small-sized apartment buildings as well as office buildings for modern services industry.

In October, the Chinese property developer posted it sold 55,000 square meters of properties, with sales revenue totaling RMB 680 million.

Greentown announced earlier last month that it would lift its sales target to RMB 40 billion next year from RMB 20 billion this year and increase the floor area under construction to 7.8 million square meters in 2009, though other mainland developers have downsized construction amid the weakening demand.