Poly registers sales growth in first half

Poly Real Estate Group, one of the largest property developers in China, achieved sales of 63.6 billion yuan ($10.3 billion) in the first half of this year, according to the company’s public statement.

This represents 26.5 percent growth compared to the same period last year.

The statement also said floor space the company sold in the first half of this year was 5.62 million sq m, representing 28.37 percent year-on-year growth.

The floor space growth against sale growth suggests a drop in average prices.

Poly’s ranking in terms of sales has dropped from second in the first quarter to fourth.

The top three are China Vanke Co, Greenland Group and China Overseas Land & Investment Ltd, according to a report by the China Real Estate Information Corp, a subsidiary of E-House, a real estate services company.

The listed company’s share price slumped by 2.13 percent on Wednesday.