[photopress:property_China_rise.jpg,full,alignright]China’s Ministry of Finance has reported a startling 95.5% jump in the profits of state-owned real estate sector in the first nine months of this year.
The leading state-owned property company, Poly Real Estate Group, has reported a revenue of RMB39 billion, and its net profits has risen 83.27% to RMB562 million yuan in the first quarter.
China Vanke collected RMB1.8 billion net profits in the first half.
The State Bureau of Statistics reported a 8.2% increase in house prices of 70 large and medium-sized Chinese cities in August compared with last year.
Other state-owned real estate developers enjoying the property boom include China National Real Estate Development Group Corporation, China OCT and COFCO Property.
China’s state-owned enterprises (SOEs) reported RMB1.2 trillion in profits in the first three quarters, a 31.2% increase over the same period last year.
Source: People’s Daily Online