[photopress:realestate_poly_plaza.jpg,full,alignright]Poly Real Estate Group, China’s second largest property firm by market value, made RMB1.489 billion ($207.1 million) net profit in 2007, up 121.8% year on year.
The Guangzhou-based company said it will continue to focus on developing homes in major Chinese cities such as Shanghai, Beijing, Guangzhou, Wuhan and Shenyang.
It plans to start construction on about 6.3 million square meters of property and complete some 3.5 million square meters this year.
Apart from the Poly International Plaza in Guangzhou (artistically seen in our illustration) that has recently been put into use, the real estate giant is pushing the development of commercial property projects in Foshan’s Nanhai District and in Guangzhou city, while seeking opportunities to develop similar projects in the nation’s big cities including Beijing and Shanghai.
Hu Zaixin, assistant to general manager of Poly Real Estate, said, ‘The popularity of Poly International Plaza has increased confidence in our strategy to increase the percentage of commercial property projects in our future business development.
‘About 70% of our clients have bought the whole floors or even several floors for their regional headquarters; and most of them are European, American, and Southeast Asian multinationals in finance, trade, real estate and advertising sectors.
‘We have been learning from the successful story of Poly International Plaza. We are planning to involve ourselves more in office property projects as well as other commercial property projects in Guangzhou, other Pearl River Delta cities and even in other big cities in the country.’
Source: China Daily