China Resources Land raises FY sales target by 10 pct after strong H1

* Core profit up 25.5 pct to HK$6.4 bln * To focus land purchases on major third-, second-tier cities * To buy mixed-use, car park projects (Adds new sales target, company comments, context) HONG KONG, Aug 26 (Reuters) - Property developer China Resources Land Ltd raised its full-year sales target by 10 percent on Friday, after booking a 25.5 percent gain in core profit in the first half due to strong growth in housing sales. The state-backed homebuilder, China's ninth-biggest by sales value, also said it plans to focus land purchases on major third-tier cities and second-tier cities due to high land prices in first-tier cities. "We're concerned about the investment risk and considering slowing down the investment pace (in first- and second-tier cities)," said Vice Chairman Tang Yong at an earnings briefing. "Land prices in first-tier cities are too high and that puts pressure on returns, so we will focus more on second and third-tier," he said. The developer said it raised its 2016 sales target to 106 billion yuan ($15.90 billion) from 96 billion yuan on expectation of robust home prices and sales. It also said it planned to buy a mixed-used project in the first-tier city of Shenzhen, and 23 car park projects from parent China Resources Holding for 6.2 billion yuan - a 30 percent discount to the net asset value. Chief Financial Officer James Yu said there is a shortage of 50 million parking spaces, and that buying the car park portfolio represents diversification for the developer. He said the car park projects would together earn revenue 40 million to 50 million yuan annually. Earlier on Friday, China Resources Land said core profit, which excludes investment properties' fair value gains and losses, climbed to HK$6.4 billion ($825.23 million) in the six months through June. Net profit rose 19 percent to HK$7.7 billion, and revenue increased 20 percent to HK$44.5 billion. Some of China's largest cities continued to see huge annual gains in average housing prices in July, with southern boomtown Shenzhen rising the most by 40.9 percent. On the whole, however, monthly increases have moderated. But the market is uneven, with smaller cities in industrial regions such as "rustbelt" Liaoning province continuing to see price declines. In many such areas, local governments are trying to stimulate demand. ($1 = 6.6678 Chinese yuan renminbi) ($1 = 7.7554 Hong Kong dollars) (Reporting by Clare Jim; Editing by Stephen Coates and Christopher Cushing)