August 19, 2014 / 7:10 AM / 3 years ago

China Resources Land expects residential market to stabilise in H2

HONG KONG, Aug 19 (Reuters) - Property developer China Resources Land said on Tuesday it expects China’s residential market to stabilise in the second half of the year, while some cities could see growth thanks to policy easing.

Chairman Xiangdong Wu, speaking at an earnings press conference, also acknowledged that full-year contracted sales could be slightly lower than its 70 billion yuan ($11.40 billion) target, just hours after the company said it was confident it would achieve that target.

China Resources Land announced earlier that its core profit for the first six months surged 83.7 percent to HK$3.7 billion ($477.41 million). ($1 = 6.1386 Chinese yuan) (Reporting By Clare Jim; Editing by Anne Marie Roantree and Miral Fahmy)

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