China's real estate giant sees profit, revenue grow in H1

BEIJING, July 17 (Xinhua) -- Poly Real Estate Group, one of China's leading real estate companies, saw revenue and profit both grow in the first half of 2016 (H1), despite headwinds in the property sector.

Poly posted total profits of 9.79 billion yuan (about 1.46 billion U.S. dollars), up 21.3 percent from the same period last year, according to a statement on the Shanghai Stock Exchange on Sunday. The Beijing-based company generated total revenue of 55.17 billion yuan, up 30.3 percent year on year, said the company.

The developer said the surge in its revenue was mainly due to the completion and sale of more estate projects during the six months. Slower profit growth was mainly caused by declining gross profit rate, the company said. The company's new performance sheet came amid a wider slow down in the real estate sector in China.

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