August 27, 2018 / 10:12 AM / 23 days ago

Chinese developer Greenland H1 net profit surges 30 pct

HONG KONG, Aug 27 (Reuters) - Chinese state-backed property developer Greenland Holdings said on Monday its first-half net profit jumped 30 percent to 6.1 billion yuan ($887.40 million) from a year earlier on higher margins.

The company’s revenue rose 25 percent to 157.9 billion yuan, and gross profit margin of its property business climbed 3.12 percentage points to 26.11 percent, Greenland Holdings said.

The developer, whose half of the revenue comes from infrastructure projects, said the high-speed railway strategy to build property developments around railway stations helped to improve their business.

$1 = 6.8740 Chinese yuan Reporting by Clare Jim; Editing by Sherry Jacob-Phillips

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