Poly Real Estate's 2012 net profits up 29.2%

BEIJING -- The Poly Real Estate Group, China's second-largest property developer, on Monday reported a net profit surge of 29.2 percent for last year.

The developer's net profits amounted to 8.44 billion yuan ($134.6 million) in 2012, according to an annual report filed to the Shanghai Stock Exchange that was released after the market closed.

The group's business revenues jumped 46.5 percent year on year to 68.91 billion yuan, while earnings per share rose to 1.18 yuan, according to the statement.

In 2012, Poly's home sales rose 38.91 percent year on year to 101.74 billion yuan on the back of a gradually warming market in first- and second-tier cities.

China's housing market experienced a brief cool-off starting in 2010, when tightening policies such as higher down payments and restrictions on third-home purchases were introduced to bring prices down.

However, the market began to heat up again last year after the central government turned its policy emphasis toward economic growth.

The central government on March 1 issued an array of measures, including a 20-percent capital gains tax levied on second home sales, in its latest attempt to contain rising momentum in the sector.