SHANGHAI Jan 14 China's Poly Real Estate Group
, the country's second biggest property developer by
market capitalisation, said its 2012 net profit rose nearly 30
percent, adding to signs that the sector is recovering.
Beijing-based Poly Real Estate said in an unaudited earnings
statement late on Sunday that last year's net profit rose 28.7
percent to 8.4 billion yuan ($1.35 billion), thanks to rising
It also said contract sales jumped 39 percent last year to
101.7 billion yuan. Typically contract sales are recognised as
revenue when the project is completed.
The announcement comes a week after China Vanke Co Ltd
, the country's biggest real estate developer by
revenue, reported a 142 percent surge in December sales,
providing further evidence that China's property market may have
Since 2009, Beijing has introduced a series of measures,
including lending curbs, property taxes and higher mortgage
rates to deflate China's housing bubble.
China's home sales, however, have gained pace since mid-last
year in several major cities as Beijing's pro-growth policies
($1 = 6.2161 Chinese yuan)
(Reporting by Samuel Shen and Kazunori Takada; Editing by