Poly Real Estate Group profit grows 32% in 2011

Updated: 2012-01-10 16:29


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BEIJING -- Poly Real Estate Group, China's second largest property developer by market value, said Tuesday that its preliminary net profit rose to 6.51 billion yuan ($1.03 billion) in 2011, a year-on-year increase of 32.39 percent.

Revenue rose 31.02 percent from one year earlier to 47.03 billion yuan. Earnings per share increased to 1.1 yuan, the developer said in a statement filed to the Shanghai Stock Exchange.

The company's home sales rose 10.69 percent year-on-year to 73.24 billion yuan in 2011, while transaction area fell 5.54 percent to 6.5 million square meters, the statement said.

In a separate statement, the developer said one of its wholly-owned subsidiaries obtained two plots of land in Shijiazhuang, capital city of Hebei Province, last month at a cost of 2.02 billion yuan.

Another subsidiary acquired a plot in Foshan city, Guangdong province, for both residential and commercial purposes, which cost the company 1.78 billion yuan.