The real-estate sector, however, is bearing up well. For example, China Merchants Property Development, one of the bigger real estate companies, has posted a 125% year-on-year increase in net profit, to an estimated RMB4.5 to 4.9 billion for the first six months of 2009. In the first half of 2008, the property development company realized a total of RMB219 million in profit.
Stock analysts predicted real estate developers’ earnings would grow even faster in the second half due to escalating property prices in the major cities, especially Beijing and Shanghai.
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