August 28, 2017 / 9:42 AM / 10 months ago

Evergrande says land purchases to focus on tier-2, satellite cities

HONG KONG, Aug 28 (Reuters) - China Evergrande Group , the nation’s No.3 property developer by sales, said it will target tier-two and satellite cities in the country with strong economic growth for future land purchases.

Chief Executive Xia Haijun, speaking at an earnings press conference, also said Evergrande would no longer aim to be the largest developer in China by sales, but instead aim to be the No. 1 by margins.

The company earlier said its first-half core profit surged more than three-fold due to a substantial rise in average selling prices. (Reporting By Clare Jim, Writing by Anne Marie Roantree; Editing by Muralikumar Anantharaman)

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