Apr. 23, 2012 (China Knowledge) - Xinhu Zhongbao Co Ltd<600208>, principally engaged in residential property development in China, has posted RMB 1.41 billion-net profit for 2011, reflecting a year-on-year decline of 9.79%.

Operating revenue for last year plunged 17.83% from a year earlier to RMB 6.69 billion. Earnings per share were RMB 0.23.

The Shanghai-listed firm realized RMB 3.36 billion in contractual sales in 2011 with 471,900 square meters of properties sold. As of Dec. 31, 2011, the real estate developer had RMB 5.12 billion in cash with debt/asset ratio of 67.85%.

Last year, Xinhu Zhongbao added 593,800 sq m of land reserves, including plots in Zhoushan of Zhejiang Province and Tianjin, with potential floor area of 1.13 million sq m, bringing its total reserves to 15.16 million sq m as of Dec. 31, 2011.  

The company had property project in 23 cities at the end of last year, mainly in the Yangzte River Delta and the Bohai Economic Rim.