Property developer Poly Real Estate estimates its net profit in the first half of this year jumped between 220 and 270% from a year earlier.
The company did not explain the sharp rise which was against the trend in the property markets of some Chinese cities.
In the first half of last year, Poly made a net profit of RMB277.83 million ($40.6 million).
In the first quarter of this year, profit rose 253% to RMB 276.04 million.
Listed Chinese companies are required to make preliminary estimates of their earnings if they expect to report swings of at least 50%. Poly is expected to report its first-half earnings next month.
Now Poly Real Estate Group has said it is issuing RMB4.3 billion worth of five-year fixed-rate bonds to both institutional and individual investors. Up to 90% of the bonds will be sold to institutional investors.
The company said RMB1.3 billion worth of proceeds will go towards paying down bank loans and the rest will supplement working capital.
Source: Reuters and Quamnet