China's Poly Real Estate sees profits grow 21.3% in H1

Cars pass by a housing block in Binzhou, Shandong province, Feb 4, 2016. [Photo/IC]

BEIJING - Poly Real Estate Group, one of China's leading real estate companies, saw revenue and profit both grow in the first half of 2016 (H1), despite headwinds in the property sector.

Poly posted total profits of 9.79 billion yuan ($1.46 billion), up 21.3 percent from the same period last year, according to a statement on the Shanghai Stock Exchange on Sunday.

The Beijing-based company generated total revenue of 55.17 billion yuan, up 30.3 percent year on year, said the company.

The developer said the surge in its revenue was mainly due to the completion and sale of more estate projects during the six months.

Slower profit growth was mainly caused by declining gross profit rate, the company said.

The company's new performance sheet came amid a wider slow down in the real estate sector in China.

Investment in China's property sector and property sales in the first half lost momentum from the first five months, but destocking has achieved progress, official data showed Friday.

Property sales also slowed during the period, but the unsold property around the country continued to drop, showing positive results for China's destocking efforts.