COFCO Property (000031.SZ), China’s leading property developer, announced that its net profits plunged by 75.85% year-on-year to US$2.3 million in the third quarter of 2011, state media reported. COFCO’s gross operating revenue quintupled to reach US$95.9 million in the third quarter amid a sharp decline in profits, according to a statement posted on the Shenzhen Stock Exchange’s website on Saturday. Net profits for the previous three quarters of 2011 were US$19.5 million, down 9.24% year-on-year thanks to strong gains over the first six months. The profit decline is driven by Beijing’s efforts to cool the property market which pressed developers short on cash to slash prices to cover turnover. Prices stalled or declined in 46 out of 70 major cities surveyed by the National Bureau of Statistics in September, compared with 10 in January.