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Poly Real Estate's property sales up 47.27% in Mar

Apr. 10, 2012 (China Knowledge) - Poly Real Estate Group Co Ltd<600048>, a major property developer in China, announced yesterday that its contractual sales rose 47.27% year on year to RMB 9.74 billion in March this year.

The company said in a statement that its sales area surged 55.08% year on year to 936,100 square meters.

In the first quarter of this year, Poly Real Estate saw its contractual sales climb 6.07% year on year to 14.87 billion and sales area amount to 1.44 million sq m, 8.98% more than in the same period of last year.

Last month, a fully-owned subsidiary of Poly Real Estate teamed up with an equity investment firm to buy a plot in Foshan of Guangdong Province for RMB 1.87 billion. The plot, to be developed for mixed-use properties, covers a land area of 252,445 sq m and will have gross floor area of 625,000 sq m.

The developer said earlier that its net profit grew 32.74% year on year to RMB 6.53 billion last year.

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