Poly's Net Soars 40%

POLY Real Estate (Group) Co, China's second-biggest listed developer, yesterday posted a 40 percent rise in 2010 net profit on higher housing prices and sales.
The firm earned 4.92 billion yuan (US$749 million) in 2010, up 39.8 percent from 3.52 billion yuan in 2009. Sales surged 56.2 percent to 35.89 billion yuan, Poly said in a statement to the Shanghai Stock Exchange yesterday.
The government's latest tightening moves to curb price rises, launched in January, will affect the market but won't change the long-term positive development trend, Poly said.
Source:Shanghai Daily