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CapitaLand’s Chinese residential sales exceed RMB1.3 bil in March

By Charlene Chin

/ EdgeProp Singapore |

April 7, 2020 7:11 PM SGT

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Since real estate group CapitaLand reopened its sales offices across China progressively in March, it has seen residential sales in the month exceed RMB1.3 billion ($263 million), more than 5.5 times the sales value of January and February combined.

On March 24, CapitaLand launched its La Botanica township in Xi’an. All 288 units for sale were sold out within four days of the launch. The gross sales value of the launch was about RMB405 million.

Lucas Loh, president, China, at CapitaLand Group, says that the positive reception for the 12th phase of La Botanica’s launch attests to the “appeal of quality homes located in integrated township developments with good connectivity and comprehensive amenities”.

“Outside Xi’an, our sales offices across our five core city clusters have also reported healthy sales figures since reopening,” Loh adds.

Besides residential, CapitaLand’s other business segments in China have also seen a recovery. As at end-March, about 80% of the stores in CapitaLand malls are in operation. The group’s four malls in Wuhan, which have been shut since end-January 2020, also reopened on April 2 after receiving the necessary clearance from the local authorities.

“Now that China is restarting its economy, we stand ready to resume business operations and support the country’s recovery,” says Lee Chee Koon, Group CEO, CapitaLand Group.

Meanwhile, CapitaLand Retail China Trust has announced the reopening of CapitaMall Minzhongleyuan in Wuhan. On the event, Tan Tze Wooi, CEO of CapitaLand Retail China Trust Management, says: “Our focus now is to collaborate closely with our retailers to meet the pent-up demand of our shoppers and CapitaStar members with targeted offerings and attractive promotions.”

“We will also continue to put in place best practice precautionary measures to ensure the well-being of our tenants, shoppers and employees,” he adds.

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