(Yicai Global) July 21 -- First-half sales at China's top 100 property developers leaped 91.4 percent from a year earlier because of a focus on first- and second-tier cities.
For example, Beijing North Star Co. [SHA:601588], which only manages projects in the cities of Beijing, Changsha and Suzhou, saw its sales volume surge 331 percent in the first six months of the year.
By contrast, property developer Shimao Property Holdings Ltd. [HKG:0813] has not been focusing its business operations on major cities, and as a result the company's revenues only increased by 9 percent in the first half.
A total of 219 plots were transferred in major cities at prices above CNY1 billion (USD149.85 million) in the first half. Of them, 109 plots sold at a premium of over 100 percent.