Poly Real Estate profits rise 28.69%

BEIJING - Poly Real Estate Group, China's second-largest property developer, has reported a profit surge for last year, as the market picked up amid government efforts to stabilize growth.

The developer's profits increased 28.69 percent from a year earlier to 8.41 billion yuan ($1.34 billion) in 2012, Poly said in a preliminary financial statement released late on Sunday.

Its revenue jumped 46.48 percent year-on-year to 68.9 billion yuan, while earnings per share rose to 1.18 yuan, according to the statement.

Chinese authorities have repeatedly stated that they will maintain firm control to cool the red-hot property market, which once served as a key driver of the country's economic growth.

But the central bank's easing grip over lending to buoy the slowing economy led to a market rebound near the end of last year.

Poly's shares opened flat at 13.53 yuan on Monday.

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