China Overseas Land & Investment Ltd , the largest property developer by market value, and smaller rival Shanghai Shimao Co Ltd posted strong nine-month contract sales on Thursday, despite official efforts to curb the market.
The government wants to prevent a bubble from forming and head off unrest if people cannot afford to buy homes. However, it cannot tighten too much as a strong property market has helped offset an economic slowdown.
China Overseas Land reported contract sales of HK$111.8 billion ($14 billion) in the first nine months of the year, or 93 percent of its 2013 target of HK$120 billion. The nine-month figure was a 22 percent rise from the HK$91.9 billion it reported last year for the same period.
Shimao contract sales grew 44 percent to 10.14 billion yuan ($1.7 billion) in the January-September period.
"As of September, the company has already hit its full-year sales target in advance," Shimao said in a statement posted on the website of the Shanghai stock exchange.
Contract sales are recorded when buyers purchase a property and are an indication of developers' future revenues.
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