(Yicai Global) Aug.30 -- Poly Real Estate Group Co.'s [SHA:600048] (PRE) contracted sales grew more than 30 percent to a historic high and its net income rose over 10 percent to USD840 million.
PRE reported a total operating income of USD8.13 billion (CNY54.47 billion), marking a decrease of 1.2 percent annually, in its interim report yesterday. Net income attributable to the parent company rose 14 percent to CNY5.65 billion.
Sales of commercial residential properties in China went up 21.5 annually to CNY5.92 trillion in the period. They covered a saleable area of 747 million square meters, up 16 percent.
Under the impact of macro adjustment policies, the company's total operating income declined. The real estate industry growth rates for sales amount and saleable area decreased 21 percentage points and 12 percentage points, respectively. The saleable area in the first-tier cities declined 25.5 percent from the same period last year, while the growth rate of saleable area in second-tier cities went down 29 percentage points annually.
PRE's construction area under planning was about 170 million square meters at the end of the half, while the area to be developed was more than 70 million square meters, more than 70 percent of which was in first- and second-tier cities. PRE has nine overseas projects in Australia, the US and the UK.
PRE has China's Class-1 real estate development qualification. The company mainly engages in property development and has operations in real estate finance and community consumption services. Real estate still makes up 95 percent of its business.