Poly Real Estate's profits soar in first half

BEIJING - The Poly Real Estate Group Co Ltd, the second-largest property developer in China, announced Thursday that its net profits surged 35.37 percent in the first half of 2013.

In the first six months, the developer earned total net profits of 3.4 billion yuan ($551.6 million), up 35.37 percent year-on-year, according to a report filed to the Shanghai Stock Exchange.

During the period, the company's total business revenues amounted to 30.46 billion yuan, up 50.94 percent year on year, with its basic earnings per share standing at 0.48 yuan, according to the report.

The Poly Real Estate Group attributed the substantial increase in profits and turnover to the completion and closure of real estate projects that added to the company's total revenues.

China Merchants Property Development Co Ltd, another leading real estate developer, predicted Wednesday that it will realize net profits of 2.5 to 2.6 billion yuan in the first half, representing a year-on-year rise of 105 to 113 percent.

China Merchants Property said the surge was due to a sharp increase in the number of settled properties in comparison to the first half of 2012.

The real estate sector jumped 3.26 percent on Thursday, with Poly Real Estate shares up 6.09 percent to 11.32 yuan per share. China Merchants Property gained 4.66 percent to 28.05 yuan per share.