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China real estate group posts massive profits
January 15, 2013, 9:55 am



Amid China’s government’s efforts to boost growth, Poly Real Estate Group, China’s second-largest property developer has reported a profit surge for last year.

The developer’s profits increased 28.69 per cent from a year earlier to 8.41 billion yuan ($1.34 billion) in 2012, Poly said in a preliminary financial statement released late on Sunday.

Its revenue jumped 46.48 per cent year on year to 68.9 billion yuan, while earnings per share rose to 1.18 yuan, according to the statement.

State authorities have been trying to stabilise the real estate market in China, which once served as a key driver of the country’s economic growth.

Experts believe the central bank’s easing grip over lending to buoy the slowing economy led to a market rebound near the end of last year.

Poly’s shares opened flat at 13.53 yuan on Monday.

Source: Agencies