Thanks to the continuing prosperity of the real estate market, Chinese property developers posted surging profits in the first quarter of this year, the Shanghai Securities News reported Tuesday.
Four listed property developers revealed their first quarter reports Tuesday.
China Vanke Co saw net profits of 1.13 billion yuan ($165.54 million) in the first quarter, up 46.5 percent from the same period last year. Earnings per share stood at 0.10 yuan.
Net profits of Shenzhen Special Economic Zone Real Estate (Group) Co, Shenzhen Hongkai (Group) Co and Shenzhen Catic Real Estate Co in the first quarter surged 540.89 percent, 221.65 percent and 193.04 percent to 5.46 million yuan, 11.16 million yuan and 5.36 million yuan, respectively.
Hot spots in the real estate market have shifted from first-tier cities to second- and third-tier cities, the news report said.
