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China Overseas to expand land bank in short term
click rate:2827 issue time:2007-03-10 08:12

Mar. 9, 2007 (China Knowledge) – China Overseas Land <688> aims to boost annual revenue at least 50% to more than US$2.3 billion by expanding its land bank in the short term, reported South China Morning Post citing Sun Wenjie, former chairman and now president of the company’s parent.

According to the report, Sun said China Overseas' land bank now stood at about 18 million sq m - a near-50% jump since the end of June.

The report also said that the parent company was dissatisfied with China Overseas' scale and hoped to expand its land bank - despite building itself up into a national player in past years.

Sun also said China Overseas would seek a "suitable capital platform" to galvanise growth without elaborating further. Executives at the company have said they were considering spinning off parts of the firm into a separate Hong Kong listing, or looking for ways to float stock in the mainland, the report said.