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Gemdale opens lower despite forecast of profit increase

(Xinhua)
Updated: 2010-01-28 13:52
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Shares of Gemdale Co, a Chinese real estate company, opened 0.68 percent lower at 11.65 yuan ($1.7) Thursday after the company forecast an increase in annual net profits last year.

In a statement filed to the Shanghai Stock Exchange, Gemdale said it expected net profits in 2009 to increase by about 100 percent from 840.9 million yuan in 2008.

The company attributed the profit increase to rising house sales in the statement. Its market value amounts to 29.1 billion yuan.
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