HK's developer China Resources Land to focus on key cities

Zhang Dawei, co-president of China Resources Land Ltd, delivered a speech in Beijing on July 28.[Provided to China Daily]

China Resources Land Ltd, a Hong Kong-listed property developer, will focus on the first- and second -tier key cities while looking for good chances opportunities in some smaller cities, the company's top management said on Thursday.

"We will look for more innovative ways of snapping land parcels, including through equity transactions, merger and acquisitions, transformation of old cities and management transfer," said Zhang Dawei, co-president of China Resources Land Ltd.

The surge of in land prices in first- and third -tier cities has exceeded that of home prices, thus squeezing the profit margin of the industry, said Zhang.

"Therefore, we will commit ourselves to quality high-end products that deliver higher investment return," said Zhang.

The company launched three high-end products in Beijing, Shanghai and Shenzhen this year. "Grown Land of China", the company's project in Beijing, for instance, is expected to enter the market with a unit price exceeding 100,000 yuan per square meter.

By the end of 2015, China Resources Land Ltd has entered 55 cities and developed more than 120 projects. The company's land parcel stock reached 41.26 million square meters, with the assets totaling HK$396.5 billion.