It is reported that Prosperity Minerals the iron ore operator and real estate owner and has confirmed that presales of the first phase of residential units at Oriental Landmark, Guangzhou City commenced on December 25 2011.

The units are being offered at an average price of approximately RMB 32,000 per square metre which is in line with current market prices for similar new developments in the area. Of the 184 units put up for sale, 79 units were sold in the first two weeks up to 8 January 2012.

This is encouraging with both prices and results in line with the Company's expectations. The Company continues to monitor prevailing market conditions to determine presale schedules and prices for units in the remaining three residential blocks and expects presales of all four residential blocks to have commenced by the end of 2012.

(Sourced from StockMarketWire.com)