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China Overseas Land sees 21.5% growth in 2011 net profit

Mar. 16, 2012 (China Knowledge) - China Overseas Land & Investment Ltd<0688>, a major real estate developer of state-owned China State Construction Engineering Corp Ltd<601668>, announced yesterday that its net profit jumped 21.5% year on year to HK$15.03 billion last year, boosted by higher property sales and revaluation gains.

Earnings per share were 183.9 HK cents, and the developer proposed a final dividend of 20 HK cents.

China Overseas Land, the biggest mainland developer listed in Hong Kong, saw its underlying profit rise 37% year on year to HK$13.02 billion.

Revenue was HK$48.58 billion last year, up 9.6% from the previous year.

The company's property sales grew 29.8% year on year to a record RMB 87.09 billion in 2011, and its sales area climbed 5.3% to 5.58 million square meters.

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