Aug. 3, 2012 (China Knowledge) - Guangzhou R&F Properties Co Ltd<2777>, a real estate developer based in Guangzhou and Foshan of Guangdong Province, announced today that its contractual sales dropped 22% YoY to RMB 2.37 billion in July this year.

The developer sold 218,200 square meters of properties last month, 23% more than in the same month of last year.

In the first seven months of this year, the company's contractual sales amounted to RMB 17.02 billion, up 3% YoY. Sales area jumped 36% to 1.42 million sq m in the period.

The company said earlier that it expected a huge decrease in its net profit in the first half of this year, due mainly to a slide in sales and higher comparable basis. In the first half of 2011, the company realized RMB 2.01 billion in net profit attributable to shareholders, 186% more than a year earlier.