Longfor's 2012 net profit up 19%

Longfor, a Hong Kong-listed property developer, reported a net profit of 54 billion yuan ($8.57 billion) in 2012, an increase of 19.4 percent year-on-year, the company said on Friday.

Contracted sales increased 4.9 percent to 40.13 billion yuan last year, exceeding the company's target.

Longfor bought 17 land parcels last year, boosting its land bank to 39.52 million square meters, with an average cost of 1,964 yuan per sq m.

Longfor will further boost its commitment to the commercial property business, the company's chairman Wu Yajun said.

By the end of 2012, the floor space of Longfor's shopping malls reached 54,7813 sq m, with a rent income of 510 million yuan, up 20.2 percent year-on-year.