H-Change Group to see a five-fold growth by 2020

H-Change Group, a Beijing-based property developer, aims to see its sales reach 50 billion yuan ($7.37 billion) by 2020, a five-fold growth within four years, its top management said on Thursday.

The group, whose business portfolio includes real estate development, investment and finance, wants to see its property sales reach 10 billion yuan by the end of this year, according to Hu Bo, H-Change Group's vice president.

"We will actively look for opportunities to purchase land parcels in Beijing, Shanghai, Guangzhou, Shenzhen and key second-tier cities,"said Hu.

Established in 2007, H-Change Group has more than 20 projects across the country's 10 cities. The company snapped up 15 land parcels in the first half year, mainly in key secondary cities such as Suzhou and Hangzhou.

China's new home price in major cities rose 2.17 percent to 12,270 yuan per square meter in August, China Index Academy showed, marking the 16th growth in a row. The growth rate is up 0.54 percentage points compared with July.

For key cities like Beijing and Shanghai, the prices will continue to increase slightly in the second half year, buoyed by strong demand, said Guo Yi, marketing director of real estate consultancy company Yahao.