Evergrande blooms in wilting property sector

Evergrande Real Estate Group, a leading property developer, has achieved its annual sales targets early after posting sales of 120.7 billion yuan ($19.6 billion) during the first 11 months of the year.

According to company data released on Wednesday, Evergrande posted sales of 13.41 billion yuan in November that pushed the total 2014 sales over the annual target of 110 billion yuan with a year-on-year growth of 22.7 percent.

The Guangzhou-based Evergrande recorded transaction volumes of 16.681 million square meters this year, surging 14.2 percent year-on-year, at an average price of 7,236 yuan ($1,175) per sq m, increasing 7.4 percent year-on-year.