Guangdong-based property developer Country Garden Holdings (2007.HK) said Tuesday that strong sales boosted first-half profits 64% year-on-year, the Wall Street Journal reported. The company’s announcement is the most recent in a string of strong first-half earnings reports by listed Chinese real estate companies – including China Vanke (200002.SZ, 000002.SZ), China Overseas Land & Investment (0688.HK) and Longfor Properties (0960.HK) – despite government attempts to cool property markets through mortgage restrictions and other measures. Country Garden said net profit for the six months ending June 30 was US$449 million, up from US$273 million a year earlier, while revenues rose 33% year-on-year to US$2.43 billion. Company president Mo Bin said that Country Garden, which has 93 projects currently under development on the mainland, will continue to expand operations outside Guangdong. Property sales contributed 96% of Country Garden’s revenues, but it also operates 19 hotels in China. Revenues from its hotel business were up 59% to US$50 million in the first half.
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