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Poly group's income leaps on better property buying sentiment
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Poly Real Estate Group Co has said net income jumped 35 percent to 1.4 billion yuan (US$205 million) in the first half of this year as a recovery in buying sentiment across the country helped property sales.

Revenue for the first six months soared 54 percent to 8.29 billion yuan, the Guangzhou-based company, China's largest state-owned developer, said in a statement to the Shanghai Stock Exchange.

"Property sales accelerated in the first half amid a rebound in momentum, and the company proved its strong sales capability with six projects, three in Beijing, two in Guangdong and one in Shanghai, managing to reap more than 1 billion yuan each during the period," said Tao Xueming, an analyst with Essence Securities Co.

"We expect the company to reach its annual target with no difficulties as growth continues."

Across the country, Poly sold a total of 2.52 million square meters of properties, valued at 21 billion yuan, during the first six months, an annual increase of 164 percent and 168 percent, respectively, according to the company's interim report.

In the first six months of this year, Poly added four new projects, or a combined 2.19 million square meters, in Beijing, Tianjin, Chongqing and Guangdong Province. The firm had 67 real estate projects with a total developable space of 29.4 million square meters as of June 30 being built or in the pipeline.

Development also accelerated in the first half when the developer started building 2.68 million square meters of properties, against 4.1 million square meters in 2007 and 4.56 million square meters in 2008.

Guangzhou, Foshan, in Guangdong, and Beijing were three major markets for Poly in terms of sales.

(Shanghai Daily August 27, 2009)

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