Gemdale's H1 profit down 61%

Updated: 2011-08-22 09:21


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SHANGHAI - Gemdale Corp, one of China's biggest real estate developers, saw first-half net profit tumble 61 percent year on year to 480 million yuan ($75 million), the China Securities Journal reported.

Revenues for the period fell 41 percent on the year to 5.16 billion yuan.

The company said that the results were due to a series of measures by the Chinese government to cool the property sector, including monetary tightening and the building of subsidized affordable housing.

The company's property sales in terms of floor space for the period rose 67.8 percent year on year to 810,000 square meters, while sales in terms of value climbed 109.3 percent to 11.25 billion yuan.