Deluxe Family Co Ltd, a Shanghai-listed housing developer, realized 559 million yuan ($95.33 million) of net profits in the first half of this year, up over 88 times from the same period last year, according to the company's half year report.

Deluxe Family issued the half-year report on July 15, 2011, the first housing developer to do so. The report said that the developer's business revenue totaled 711 million yuan in the first six months of the year, surging over 126 times year-on-year.

Deluxe Family attributed the soaring profits to the share transfer of Shanghai Hong Sheng Real Estate Development Co Ltd. It sold 31.52 percent of Shanghai Hong Sheng to a wholly-owned subsidiary of SOHO China for 788 million yuan in March, making 380 million yuan investment profits.