Dec. 8, 2009 () - Guangzhou Investment Co Ltd<0123>, which is engaged in the development of toll highways, bridges and properties, announced yesterday that its contracted property sales surged 59% to RMB 5.94 billion in the period from January to November.

The company's sales area during the period was 518,700 sq m, up 48% from a year earlier, said the firm in a statement filed with the Hong Kong Stock Exchange.

The company's contracted sales area has already exceeded the 2009 target of 450,000 sq m, and its contracted sales have already exceeded the 2009 target of RMB 4.4 billion.

The Hong Kong-listed developer recorded RMB 845 million in contracted sales in November, 62% less than in October when the company began selling units in several new projects in Guangzhou. The firm last month sold 66,800 sq m of properties at an average price of RMB 12,663 per sq m.

Guangzhou Investment announced in October that it plans to sell some toll road operations for HK$1.63 billion so as to focus on real estate development in mainland China. After the restructuring, the company will be renamed Guangzhou Real Estate Co Ltd.

The plan is expected be completed by then end of this year, said an insider from Guangzhou Investment.