Tuesday, 8 November 2011

Poly Home Sales Tumble in October

China's second largest developer saw a steep fall in house sales.

The Poly Real Estate Group Co, China's second-largest developer by market value, saw a 39.27 year-on-year fall in house sales in October, according to the company's latest financial announcement.

The company's home sales stood at 5.42 billion yuan (857 million U.S. dollars) in October, a steep fall compared with last year.

Poly sold a total of 569,400 square meters of floor area in October, down 26.79 percent from a year ago.

For the first ten months, Poly's housing sales rose 24.59 percent year on year to 62.69 billion yuan, but dipped 0.78 percent in floor area from the previous year to 5.56 million square meters.

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