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China Merchants Property's profit down 23.53% in Q1

Apr. 18, 2012 (China Knowledge) - China Merchants Property Development Co Ltd<000024><200024>, a real estate subsidiary of Hong Kong-based China Merchants Group, announced yesterday that its net profit attributed to shareholders fall 23.53% year on year to RMB 429 million in the first quarter of this year.

According to a statement filed with Shenzhen Stock Exchange, the company's Sales revenue for the first three month of 2012 reached RMB 3.61 billion, reflecting a year-on-year increase of 27.3%.

Basic earnings per share were RMB 0.25 in the three-month period, down 24.24% year on year.

As of today, China Merchants Property has acquired three pieces of land this year comprising two pieces in Tianjin and one piece in Beijing.

In 2011, the property developer booked a net profit of RMB 2.59 billion, up 28.85% than it realized in 2010, and its operation revenue for last year increased 9.64% year on year to RMB 15.11 billion, China Knowledge reported earlier.

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