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Glorious Property
Annual Report 2011
23
Business Review (Continued)
III. CONSTRUCTION AND DEVELOPMENT (Continued)
During the year, the Group set up the economic operations centre and project management centre, to further
strengthen the programme management, project management, cash flow management and capital management in
order to enhance the refined and specialized management of the Group. Administrative operations management of
the Group is maturing, and the information technology platform is also being improved, which save not only the
management cost but also further enhance the management efficiency and control ability for projects. The Group
also specially set up a cost management committee and by enhancing the management capability of the project
management centre, a long-term mechanism in project quality management can be sturdily established, with a
view to strike a sustainable balance between project quality and progress.
IV. LAND BANK
In 2011, the Group maintained a prudent investment strategy in acquiring land, selectively adding low-cost and
high quality land in the core urban areas and emerging economic zones of existing cities with potential of rapid
development. During the year, the Group acquired two land parcels located in New District in Jinzhou of Dalian
and Rugao Economic Development Zone in Nantong respectively. Total cost of the land acquired by the Group
during 2011 was RMB995 million with a total GFA of 732,859 sq.m. and an average floor price of approximately
RMB1,358 per sq.m..
City
Project Name
Land Location
Date
Acquired
Total Site
Area
(sq.m.)
Planned
GFA
(sq.m.)
Consideration
(RMB million)
Average
Land Cost
per sq.m.
(RMB)
Dalian Dalian 200# Project
Jinzhou New District,
Dalian
April 2011 120,576 344,000
515
1,497
Nantong Nantong Guanghuabei
Project
Rugao New Economic
Zone, Nantong
June 2011 127,579 388,859
480
1,234
Total
248,155 732,859
995
1,358
Nantong
Dalian
Fushou West Road
Ninghai West Road
Danda Highway
State Road 204
Zhiyi Road
Taoyuan Road
Yishou Road
Yinian Road
Jinma Road
Huaihe West Road
Liaohe West Road
Dalian University
Daheishan
Scenic Area
City Institute, Dalian
University of
Technology
The Shiligang
Park
Xiang Ying
Park
New lands acquired by the Group in 2011
Dalian Jinzhou New District
Nantong Rugao Economic Development Zone