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Longfor Discloses '09 Profits in Lead Up to IPO
Chongqing-based real estate developer Longfor Properties expects to earn net profit of at least RMB 2.02 billion in 2009 and consolidated net profit, including other projects, of at least RMB 1.45 billion over the full year period, guandian.cn reported November 10 quoting initial subscription documents. Longfor's 2009 contract sales had reached RMB 13.2 billion by the end of September, according to the documents.
The company kicked off the global road show for its initial public offering on November 3.
Longfor has a total of 35 projects totaling 19 million square meters in planning or under development; 8.8 million square meters are located in Chongqing, the report said.
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