Country Garden blooms on record 2009 lending

HONG KONG - Country Garden Holdings Co, the property developer controlled by China's second-richest woman, said full-year profit rose as record lending in the country fueled home sales and price gains.

Net income climbed 51 percent to 2.08 billion yuan ($305 million), or 0.1273 yuan a share, from 1.38 billion yuan, or 0.085 yuan a year earlier, the company said in a Hong Kong exchange filing on Tuesday. That was less than the 2.44 billion yuan average of seven estimates compiled by Bloomberg. Sales gained 12 percent to 17.6 billion yuan.

Country Garden joins rivals including China Vanke Co in posting higher 2009 profit. China's property prices rose 11 percent in February, the most in almost two years, as new loans spurred by the government's $586 billion stimulus package fed demand.