January 14, 2013 / 4:46 AM / 5 years ago

China's Poly Real Estate says 2012 profit up nearly 30 pct

SHANGHAI, Jan 14 (Reuters) - 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 sales.

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 bottomed out.

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 stirred demand. ($1 = 6.2161 Chinese yuan) (Reporting by Samuel Shen and Kazunori Takada; Editing by Stephen Coates)

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