Poly group's income leaps on better property buying sentiment

By Cao Qian | August 26, 2009, Wednesday |

Online Edition

POLY Real Estate Group Co Ltd said net income jumped 35 percent to 1.4 billion yuan (US$205 million) in the first half of this year as recovering buying sentiment across the country helped property sales.

Revenue for the 6-months period soared 54 percent to 8.29 billion yuan, the Guangzhou-based company, China's largest state-owned developer, said in a statement filed to the Shanghai Stock Exchange last night.

"Property sales accelerated in the first half amid restoring 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 industry 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 property, valued at 21 billion yuan, during the first six months. This was a year-on-year increase of 164 percent and 168 percent, respectively, according to the company's interim report.

Poly, the second-largest developer listed in the country's A-share market following Shenzhen-based China Vanke Co, said its market share in operating cities rose to 4.1 percent as of June 30, an increase of 28 percent compared with 2008.

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.

The number of real estate projects, either under construction or in the pipeline, stood at 67 with a total developable space of 29.4 million square meters as of June 30.

Development speed also accelerated in the first half. The company kicked off construction on 2.68 million square meters of space during the six-month period, compared with 4.1 million square meters and 4.56 million square meters in 2007 and 2008.

Guangzhou, Beijing and Foshan in Guangdong Province were three major markets for Poly in terms of sales as the three cities contributed more than 60 percent of the company's total during the first half.

Poly shares rose 2.2 percent today to 24.69 yuan.

Real Estate

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Poly group's income leaps on better property buying sentiment

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