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Jinke Property's profit soars 30% in 2011

Jan. 17, 2012 (China Knowledge) - Jinke Property Group Co Ltd<000656>, formerly known as Chongqing Dongyuan Industry Development Co Ltd, estimated yesterday that its net profit attributable to shareholders for 2011 may have reached between RMB 1.05 billion and RMB 1.3 billion, reflecting a year-on-year increase of 5% to 30%.

Earnings per share may have stood at between RMB 0.90 and RMB 1.15 last year.

The Shenzhen-listed property developer said it reaped RMB 13.8 billion in contracted sales in 2011 with contracted sales area totaling 1.89 million square meters.

Most of the property sales were boosted by a strong market in Chongqing. Board Chairman Huang Hongyun said the company focuses on real estate development in Chinese second-tier cities, adding that the firm targets around 10% market share in Chongqing.

As of December 16, 2011, Jinke Property had land reserves of 12.86 million sq m of potential floor area, according to statistics from Haitong Securities Co<600837>.

The real estate developer won the bids for two plots in Chongqing last month for RMB 371 million in total.

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