China's Poly Real Estate buys property inland

China’s third-largest developer, Poly Real Estate Group (600048.SHA), purchased residential sites in three cities for a total of US$471 million, a sign that the real estate market could be set to rebound, The Wall Street Journal reported. At public auction, Guangzhou-based Poly Real estate bought 85 acres in Sichuan province’s Deyang, 46 acres in Liaoning province’s Shenyang and 28 acres in Chongqing. Poly Real Estate reported  in stock filings Tuesday that it had a 36.7% increase in sales to RMB15.5 billion (US$2.4 billion) last month compared to June 2011. Poly Real Estate’s land investments follow on those in recent weeks by other property developers including China Vanke (000002.SHE 200002.SHE), Evergrande Real Estate Group (3333.HKG, EV1.FRA) and Agile Property Holdings (3383.HKG). The land purchases, expansionary monetary policies and more accessible lines of credit for first-time home buyers are signs of a healthier property market, but analysts say a more-sustained market resurgence is still far off.