Companies

China Overseas Land targets 20% net profit growth in 2011

(Agencies)
Updated: 2011-02-18 16:41

China Overseas Land and Investment Ltd, China's largest developer by market value, aims to record 20 percent growth in net profit this year, its chairman said on Friday.

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However, growth in the doemestic real estate sector was expected to slow, Kong Qingping told Reuters on the sidelines of an industry event.

In 2010, China Overseas Land posted a 40.4 percent jump inproperty sales to HK$67.1 billion ($8.64 billion), while total gross floor area sold rose 11.2 percent to 5.3 million square metres, it said earlier this year.

Shares of the developer, which realised its strongest sales in first-tier cities such as Shanghai, Suzhou and Hangzhou last year, have lost 10 percent since the beginning of the year.

The stock is hovering at a 2-½ year low because of worries over more tightening to curb the red-hot property sector.