Evergrande Group's office building in Shenzhen. Photo: AFP
Evergrande Group's office building in Shenzhen. Photo: AFP

Chinese real estate giant Evergrande Group has set a higher sales target for 2019, 600 billion yuan (US$87.58 billion), amid the housing market downturn, compared with last year’s target of 550 billion yuan, The Paper reported.

Evergrande sold a total 551.34 billion yuan of homes in 2018, according to a company statement. The total area sold was 52.44 million square meters, and the average price was 10,515 yuan per square meter.

Xia Haijun, the president of Evergrande, said the company has already acquired a sales permit for 30 million square meters of homes valued at 330 billion yuan. In addition, the company has launched 35 million square meters of new housing projects worth 370 billion yuan.

“There are a total 700 billion of houses to be sold this year,” said Xia.

The other two real estate giants, Garden Country and Vanke, achieved a sales record of 728.69 billion yuan and 606.95 billion yuan, respectively. The top three developers have sold a total of 1.89 trillion yuan of homes in 2018.