Greenland Holdings Co., Ltd., a major property developer in China, said its net profits for the first half of 2019 rose 45.7 percent year on year to 8.8 billion yuan (about 1.3 billion U.S. dollars).

Meanwhile, business revenue grew 27.5 percent year on year to 201.6 billion yuan, with earnings per share standing at 0.72 yuan, according to its financial report filed to the Shanghai Stock Exchange.

The company's debt-to-asset ratio fell 1.27 percentage points from the end of last year to 88.22 percent, the report said.

Contract sales reached 167.7 billion yuan in the six-month period, up 3.1 percent year on year, the developer said.

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