Sunac to slow pace of land buying

Sunac China Holdings will slow the pace in acquiring land as part of its efforts to reduce its debt level, the company's management said on Friday.

Sun Hongbin, chairman of Sunac, said at its interim results news conference in Hong Kong that the company will follow more prudent land acquisition principles amid an over heated land market, while speeding up the construction of its ongoing projects, and increasing sales turnover to bring in more revenue.

Sunac targets to cut its net gearing ratio to 90 percent by next year and 70 percent by 2019 from a 260 percent net gearing ratio it recorded on June 30.