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HONG KONG-China Overseas Land and Investment Ltd., a locally-based developer, reports its property sales during the month of February jumped 61.2% from the previous year. During the month property sales totaled $236 million, as COLI divested of 718,503.9 square feet of space.

The $236 million in property sales is also a 33.7% increase over January’s numbers, according to the company’s release. And in the first two months of 2009, COLI has seen $503 million in total property sales, a 69.4% jump over the same two months in 2008.

The Pearl River Delta region was the most lucrative for COLI in terms of sales this past month. The developer gained $149 million through the divestment of 369,094 square feet.

This news prompted shares to rise to $1.51 per share, up 5.8% from the previous day’s closing total. At its highest point, shares were selling during Wednesday at $1.56.

The company did not purchase any new land in February, but executives say COLI has 82 million square feet of land reserve, which should cover the next four to five years of development. COLI currently has 20 projects underway throughout Mainland cities, Hong Kong and Macao.

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