Henderson Land Development expects a revenue of almost HK$3 billion from property sales this year.

John Yip Ying-chee, Executive Director of Henderson, said the company has 1.76 million sq ft of property for sale in Hong Kong. If it is sold at HK$10,000 psf, it will produce approximately HK$17.6 billion.

Mainland sales are expected to achieve another 10 billion yuan (HK$11.87 billion).

“We plan to put on the market 12 residential projects in eight cities during the year,” Mr. Yip continued.

He added that the gross floor area (GFA) is about 6.37 million sq ft, 10 times the figure in 2010.

Currently, Henderson has plenty of low-cost sites in its land bank in China but property sales in 2010 contributed slightly to the total turnover.

“We focused on the mid- to high-level in low-density residential areas in second-tier cities, where strategic planning takes more time,” Mr. Yip explained.

Last year, the developer recorded 303 million yuan from property sales and sold properties worth 900 million yuan, which will be included in this year’s revenue, together with the 600 million yuan worth of properties sold from the start of the year.