(Yicai Global) Aug. 23 -- Country Garden Holdings Co. [HK:2007] has topped the list of fastest-growing Chinese property companies with a 131-percent increase in contract-based sales revenue in the first half.

After posting revenue totaling USD43.4 billion (CNY288.9 billion) in the first six months of this year, the Guangdong-headquartered real estate developer has raised its full-year sales target to USD75.1 billion (CNY500 billion) from the USD60.1 billion (CNY400 billion) one it set at an earnings release conference in March.

The company's operating income rose 35 percent annually to USD11.7 billion (CNY77.7 billion) and its net profit went up 39 percent to USD1.1 billion (CNY7.5 billion), the firm's semi-annual report shows.

The company has budged USD33 billion (CNY220 billion) in cash for land acquisition this year in line with the new target, Mo Bin, the group's president and managing director, said at an interim earnings briefing yesterday. Its contracted land reserves currently stand at 210 million square meters, and another 135 million square meters are in the pipeline.

Country Garden has been driving a business transformation toward urban property operations. As of June 30, the total floor area of properties under its management was 251 million square meters, generating USD181 million (CNY1.2 billion) in revenue, up 24.6 percent from a year earlier. Its revenue from hotel management rose 17.7 percent annually.

The firm has rolled out a 'technology town' development initiative. Construction of the Tonghu technology town in Huizhou, Guangdong, began in May. The project will open on Sept. 5, and properties there will be leased to nearly 80 innovative enterprises.