Poly Real Estate Posts 29% Jump In Profits For 2012

News: China ' s second-largest developer Poly Real Estate Group has posted a 29.2% jump in net profit to CNY8.44bn (US$1.35bn) for 2012 against the previous year, according to Xinhua. The company said in a filing with the Shanghai Stock Exchange that business turnover shot up by 46.5% to CNY68.91bn (US$10.98bn), aided by a home sales increase of 38.91% to CNY101.74bn (US$16.21bn) as markets improved.

BMI View: It is widely acknowledged that China's 'big four' developers are China Merchants Property Development (CMPD), Gemdale Corporation, China Vanke and Poly Real Estate Group. As a result of this status, these four firms enjoy solid national reputations. However, even these four companies are likely to experience heightened competition or decreases in revenue as a result of the austerity the government has enforced in the residential sector. Overall, the four companies are better placed to weather a subdued 2013, as evidenced by recent reports that CMPD has bought four plots of land in different areas of the country for residential and commercial developments.

This article is tagged to:
Sector: Real Estate
Geography: China, China, China, China

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