Poly Real Estate to increase land bank

Updated: 2012-02-27 13:41

By Hu Yuanyuan (chinadaily.com.cn)

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BEIJING — Poly (Beijing) Real Estate Development Co Ltd will increase its land bank and strengthen its investment in commercial properties, the company's general manager Liu Xiang said.

"We are actively seeking appropriate opportunities to boost our land bank," said Liu. "Meanwhile, we plan to increase our commercial properties to 30 percent among our overall business portfolio in the next three to five years."

Currently, Poly's commercial properties accounted for less than 10 percent of its holdings.

Liu also said a recent increase in transactions in Beijing and Shanghai's property market is a short-term phenomenon.

"Such a rebound is not sustainable because the government's overall real estate policies remain tight," he said.