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Poly Real Estate reports 57% profit surge in 2009

(Xinhua)
Updated: 2010-02-03 23:59

Poly Real Estate Group Co Ltd, China's second largest property developer by market value, said Wednesday its 2009 net profit jumped 57.19 percent from a year ago to 3.519 billion yuan ($515 million). The company attributed this to strong market demand and China's relatively loose monetary policy.

Turnover stood at 22.99 billion yuan, up 48.11 percent year on year, the property developer said in its annual results report published on the website of the Shanghai Stock Exchange. Earnings per share rose to 1.06 yuan from the previous 0.7 yuan, said the report.

Poly's nationwide market share increased to 1.3 percent, up 30 percent from 2008, it said. The company's share price climbed 2.68 percent to 19.89 yuan on Wednesday.

China shifted to the moderately loose monetary policy in 2009 from a tight monetary policy in 2008 to help the national economy grapple with adverse impacts of the global financial crisis.

The new yuan-denominated lending last year hit a record 9.59 trillion yuan, almost double that of the previous year. Sales of houses sizzled by 75 percent to 4.4 trillion yuan in 2009, which led to a rare property boom in history.

Price rose the most in 15 years to 4,695 yuan per square meter, up 24 percent year on year, according to data released by the National Bureau of Statistics.