Chinese developer clarifies project block

Hong Kong

PROPERTY developer China Overseas Land & Investment (Coli) said on Friday that local authorities had blocked sales at one of its projects in Shenzhen for administrative reasons, and that this would not have any impact on its finances or operations.

Around 2,900 units at a residential project owned by Coli called Yuejing Garden have been blocked from pre-sale, the website of Shenzhen's Urban Planning Land and Resources Commission shows. But Coli said that this blockage was not due to it failing to comply with legal requirements and that it had in fact already sold all of the units.