Through a forward-looking strategic layout, Gemdale Properties & Investment has focused on the development of core city clusters in China. As of December 31, 2018, Gemdale Properties & Investment had built its presence in 24 cities across China. Projects being developed, constructed, held and operated by the Company have reached 99. About 23% of the projects are in first-tier cities like Beijing, Guangzhou, Shanghai and Shenzhen, about 66% in second-tier cities like Wuhan, Changsha, Nanjing, Qingdao, Suzhou and Hangzhou, and 11% in third-tier cities like Huaian, Taicang and Zhuzhou.
Gemdale Properties & Investment has always been committed to quality growth in scale. In 2018, the Group cumulatively generated about RMB 49.03 billion of sales with a year-on-year growth of 8%, and sold a floor area about 2,260,000 square meters at an average price of RMB 21,700 per square meter with a year-on-year increase of 19%. An operating revenue of RMB 7.079 billion was realized, marking a growth of 50% year on year. The increase of annual revenue is primarily attributed to the sharp growth in recognized revenue in property sales. The revenue from Property Development Division amounted to RMB 6.184 billion, taking up 87% of the total revenue.
While securing its leadership in urban complexes, Gemdale Properties & Investment has continuously focused on its expansion and innovation in long-term rental apartments, industrial development, strategic M&As and asset backed securitization to build future core competitiveness, and steadily realize its strategic vision of a quality globalized asset management platform and a valuable integrated real estate developer.
