HK Stock Market Move | GREENTOWN CHINA(03900) rose more than 3% with a significant increase in contract sales in October compared to the previous month. After the market rebounded, there was a high premium for land acquisition.

GREENTOWN CHINA (03900) rose more than 3%, up 3.29% to HK$10.66 as of the time of writing, with a trading volume of 83.3055 million Hong Kong dollars. On the news front, GREENTOWN CHINA announced that the group achieved contract sales of approximately 130.3 billion yuan in the first 10 months, a year-on-year decrease of 12.14%; sales in October increased, recording sales of 15.4 billion yuan, a month-on-month increase of 45.28%. According to Beijing Business Daily, on November 5th, Greentown won the bid for the HD-GDS-001 plot in Haidian District, Beijing for a maximum price of 5.175 billion yuan, with a floor price of approximately 71,000 yuan per square meter, a premium of 15%. In the previous six months, Greentown successively acquired land in Jiangsu, Zhejiang, and Shanghai, with a total investment exceeding 11.3 billion yuan. Institutional data shows that in the first 10 months of this year, Greentown ranked second among real estate companies with a land acquisition amount of 40 billion yuan, following closely behind Poly Developments and Holdings Group, with a gap of only 4 billion yuan. Greentown's aggressive expansion in the face of cooling profits and the plan for the Haidian plot have attracted the attention of industry insiders, who have reached out to Greentown for comments but have not received a response yet.