November 8 -- Chinese property developer Gemdale Corporation (600383.SH) posted a 29.4 percent year-on-year drop in transaction value to 2.67 billion yuan in October on a 38.1 percent fall in transaction area to 190,000 square meters, reports Oriental Morning Post, citing a company fling.

Cumulative transaction value for the first 10 months rose 13 percent year-on-year to 22.4 billion yuan, while cumulative transaction area totaled 1.651 million square meters, down 2.3 percent year-on-year.

Gemdale plans to launch another 20 new developments in the remaining two months of the year. The developments are located in Dongguan, Guangzhou, Tianjin, Yantai, Shanghai, Hangzhou, Nanjing, Shaoxing, Wuhan, Changsha, among others.

Property giant Poly Real Estate Group (600048.SH) posted a year-on-year decline of 26.79 percent in transaction area to 569,400 square meters in October, while transaction value fell 39.27 percent to 5.42 billion yuan.

During the first 10 months, transaction area totaled 5.562 million square meters, down 0.78 percent from the same period a year ago.

During the same period, transaction value increased 24.59 percent year-on-year to 62.695 billion yuan.

Shares of Poly Real Estate were down 2.79 percent to trade at 9.77 yuan per share at 10:02 today.
 

Source:CapitalVue