China Poly Real Estate doubles profit in 2007

Poly Real Estate Group Co Ltd, China's second largest property firm by market value, made 1.489 billion yuan ($207 million) in net profit in 2007, up 121.8 percent year on year.
Property sales surged 104 percent to 17.04 billion yuan in 2007 after the company sold 1.996 million square meters of property, an increase of 62 percent compared with 2006, according to the company's annual report.
Its earnings per share rose by 96.97 percent to 1.30 yuan.
The Guangzhou-based company also 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.