SHANGHAI, July 8 (Reuters) - Chinese property developer Poly Real Estate Group Co 600048.SS estimated on Tuesday that its net profit in the first half of this year jumped between 220 and 270 percent from a year earlier.
The company did not explain the sharp rise, which occurred amid weakness in high-end areas of the property markets of some Chinese cities.
In the first half of last year, Poly made a net profit of 277.83 million yuan ($40.6 million). In the first quarter of this year, profit rose 253 percent to 276.04 million yuan.
Listed Chinese companies are required to make preliminary estimates of their earnings if they expect to report swings of at least 50 percent. Poly is expected to report its first-half earnings next month. ($1 = 6.85 yuan) (Reporting by Andrew Torchia, editing by Will Waterman)
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