Greentown's 2012 profit up 88% year-on-year

Greentown China Holdings Ltd, a major mainland property developer listed in Hong Kong, said that its 2012 net profit totaled 4.85 billion yuan ($772.12 million), up 88.4 percent year-on-year, according to a statement from the Hong Kong stock exchange.

Its earnings per share were 2.57 yuan, up 63.7 percent year-on-year, while its net asset-liability ratio was down from 2011's 148.7 percent to 49 percent by the end of 2012.

The company has a land bank of 41.87 million square meters, which could support the company's development plans within five years, it said.

The company also said it will diversify its business lines according to market demand, boost its investments into commercial complexes and also projects for the aged community and tourists.