Shares of SUNAC China Holdings Ltd. surged as much as 10.84% on Monday, after the property developer reported strong contracted sales figures for the month of October.
According to a filing, SUNAC recorded contracted sales of around 7.33 billion yuan (US$1.03 billion) in October, with a contracted sales area of 187,000 square meters. The average selling price for the month stood at approximately 39,200 yuan per square meter.
The robust sales performance appears to have boosted investor confidence in the company's outlook, driving up its share price. Analysts say the strong sales data signals a recovery in demand for SUNAC's properties, which bodes well for the company's near-term earnings prospects.
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