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Poly Real Estate sees profit surge on property boom
(Xinhua)
Updated: 2010-01-25 11:48
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Poly Real Estate Group Co, Ltd, China's leading property developer, estimated on Sunday its profit shot up around 50 percent in 2009 boosted by strong sales and rocketing property prices.
The profit was expected to total 2.24 billion yuan ($329 million), the Shanghai-listed company said in a statement on the exchanges's website.
China saw rare property boom in history last year as sales sizzled by 75 percent to 4.4 trillion yuan. Price rose the most in 15 years to 4,695 yuan per sq m, up 24 percent year-on-year, according to data released by the National Bureau of Statistics.
