February 9, SOHO China Ltd. (0410.HK), a commercial property developer with operations solely in Beijing and Shanghai, has raised its property sales target for this year to 23 billion yuan (3.7 billion dollars) this year.

That’s up from last year’s target of 20 billion yuan and actual sales of 10.9 billion yuan.

SOHO China chairman Pan Shiyi said on Wednesday that the new target was rooted in the company’s faith in the domestic commercial property sector this year, especially as office rental costs in both Beijing and Shanghai keep rising.

According to Pan, premium office rents in Beijing surged 50 percent in the last quarter of 2011, while rents in Shanghai’s office market jumped 20 percent over the same period.

SOHO China is currently sitting on 24 billion yuan worth of property to be released to the market, in marked contrast to most of last year, when it had limited stock.

Pan said SOHO China would enlarge its sales force this year, adding that 2012 would be a year of acquisitions for the company.

SOHO China intends to spend some 10 billion Yuan on acquisitions this year, focusing primarily on land plots in Beijing and Shanghai, according to Pan.