Shui On Land Ltd, the developer best known for its landmark Tiandi series of projects in a couple of Chinese cities, reported yesterday net profit more than doubled in the first six months of this year mainly due to strong property sales and increased average price.
Unaudited net income between January and June soared 117 percent to 1.557 billion yuan (US$230 million), the company said yesterday.
Turnover jumped 134 percent to 3.121 billion yuan during the first half among which property sales skyrocketed 175 percent to 2.778 billion yuan. Average sales price, meanwhile, climbed 108 percent to 21,200 yuan per square meter from the same period a year earlier.
