Chinese real estate developer Poly Real Estate said its sales for the first seven months soared 143% from a year earlier to RMB24 billion ($3.5 billion) as China’s property market recovered.
The company said in a statement to the stock exchange that volume of space sold in that period also rose about 149% to 2.97 million square meters.
Reuters reports that for July, Poly Real Estate said property sales reached RMB3.4 billion with the volume of property space sold during the month reaching about 450,000 square meters.
Note that according to the National Development and Reform Commission (NDRC), property prices in China’s 70 major cities grew 1% in July from a year earlier, the biggest increase in nine months.
Although climbing property prices have fueled concerns over a "bubble" in the sector, many industry insiders believe existing rates are still reasonable.