Institutions pessimistic about SOHO China's 2012 target
Updated: 2012-02-14 16:31
(chinadaily.com.cn)
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Financial institutions are pessimistic about SOHO China's outlook this year, even as the company plans to boost its sales by 111 percent year-on-year, the National Business Daily reported Tuesday.
SOHO China set its 2012 sales target at 23 billion yuan ($3.65 billion), which would be a growth of 111 percent from last year's 10.9 billion yuan.
Goldman Sachs predicted in its Feb 9 research that the property developer's sales would come to only 11.7 billion yuan, and it kept a neutral rating on SOHO China.
UBS downgraded the Hong Kong-listed company from "buy" to "neutral", adding that it would only realize sales of 16.6 billion yuan this year.
SOHO China's January sales were 70 million yuan, according to the paper.
Its contracted sales of 10.9 billion yuan in 2011 was almost half of its sales target of 20 billion yuan set that year, the paper said.
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