China's Poly Real Estate 2009 Profit Surges 50% on Property Boom

Poly Real Estate Group Co., Ltd, China's leading property developer, estimated on Sunday its profit shot up around 50 percent in 2009 boosted by strong sales and rocketing property prices.

The profit was expected to total 2.24 billion yuan (329 million U.S. dollars), the Shanghai-listed company said in a statement on the exchanges's website.

Earnings per share stood at 0.91 yuan, it said.

The company is yet to announce its annual report of 2009.

China saw rare property boom in history last year as sales sizzled by 75 percent to 4.4 trillion yuan. Price rose the most in 15 years to 4,695 yuan per square meter, up 24 percent year on year, according to data released by the National Bureau of Statistics.