China Overseas Land and Investment (0688.HKG), the country’s largest property developer by market value, reported a 47% rise in profits through the third quarter of this year, Reuters reported. The company made an operating profit of US$2.1 billion in the year through September, on a 54.7% increase in sales. Government efforts to curb the housing market have largely weakened demand and hurt sales across the industry. China Vanke (200002.SHE), the largest developer by sales, reported a 12% fall in monthly sales for September. On the demand side, China has instituted a property tax on a trial basis in two cities and implemented restrictions on multiple home purchases. On the loan supply side, the government has raised interest rates five times in the past 12 months, as well as closed most traditional funding to property developers, including bank loans and stock listings. “China Overseas will be under pressure to cut prices next year, since it is expecting the government to introduce more property tightening,” said Alfred Lau, a property analyst at MF Global Hong Kong.