Posted on 12 Jan 2012
China State Construction Engineering Corp expects its 2011 net profit to rise about 40 percent from a year ago to about 13 billion yuan ($2.06 billion), it said in a statement on Thursday.
The stateowned firm said total property sales for the year rose 33.8 percent to 89.5 billion yuan, with total property space rising 7.9 percent to 70.3 million square metres.
Shares in China State Construction fell 15 percent in 2011 as investors fled the property sector as Beijing's yearlong campaign to curb speculative property investment began to take a toll.
The firm is the parent of Hong Konglisted China Overseas Land & Investment Ltd.
In addition to property purchase restrictions, the government has also curbed nearly all traditional funding channels for domestic developers, including bank loans, trust funds and stock market listings.
Some analysts said that the outlook for China's property developers remains challenging in 2012 because the government has said that it is determined to keep property prices in check.
