View of The Day: 1224 C C Land

This fave share of mine has been neglected for quite a while until, probably, these few days, for I am still researching for properties info in Chongqing and today an announcement by CC Land that the company has started selling its new residential project of 492 apartments since 8 March. It sold 412 of them on the first day with total gross area of 37,000 square metres and average sale price of CNY 4,300 per square metre. Total proceed amounted to CNY 160 m. The project completes in 2011. This project was acquired in February and located in Nanshan Mun of Pei Ling District of which the gross area is 67,000 square metres. 24,000 square metre will be for residential and commercial use.

I think this is quite a good stock for my 1% return a day: When the share dips to HKD 3.38, we buy 100,000 shares with HKD 338,000 plus 845 (commission) and others (stamp duty, etc) 500. Then we place an order at HKD 3.42 (the peak after we buy the shares is HKD 3.44). So we shall get a proceed net of all costs of about HKD 340,545. So net profit being HKD 1,200 or 0.36% - which is quite low but we play conservative enough - this HKD 1,200 would have been made within a period of 1 hour.