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State-owned Poly emerges as China property sales leader

Government controlled builders add further to land banks

State-backed Chinese property companies can afford to buy new development sites, even amid the sector's liquidity crunch.   © Reuters

HONG KONG -- In a sign of the upheaval created by China's shrinking real estate market, the industry has crowned a new sales king: state-owned Poly Development and Holdings Group.

The Shanghai-listed developer logged contracted sales of 38 billion yuan ($5.66 billion) in May to unseat China Vanke, which sold 30.76 billion yuan then.

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