Property developers see jump in profits
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China's three major real estate developers listed on the mainland's two stock exchanges have reported a combined net profit of 5.664 billion yuan (US$836 million) in the first half of this year despite mixed sales performances.
Net income registered by China Vanke Co grew 11.4 percent year on year to 2.81 billion yuan in the six-month period.
Gemdale Corp earned 1.227 billion yuan in the first half, a jump of 327 percent from a year earlier.
Poly Real Estate Group Co reported first-half net profit totaled 1.627 billion yuan, up 16.56 percent on an annual basis.
Property sales by value secured by Shenzhen-listed China Vanke rose 19.5 percent to 36.77 billion yuan, accounting for 2.18 percent of the total registered across the country, Vanke said in its half-year report.
However, Shanghai-listed Gemdale, whose net profit soared the most among the three, said property sales by volume declined 42.3 percent to 482,900 square meters during the first six months due to inadequate inventory. By value, it fell 37.3 percent to 5.376 billion yuan. Properties available for sale will likely reach 2 million square meters during the second half, Gemdale estimated.
Poly, another Shanghai-listed developer, which recently saw a shake-up in senior management, reported first-half property sales of 2.67 million square meters and 21.75 billion yuan, up 5.8 percent and 3.3 percent, respectively.
Poly said it will continue to strengthen its presence in existing markets while expanding further to second- and third-tier cities.
