Hong Kong-listed Kaisa Group Holdings recorded a 52.2%surge in gross profit to 1.32bn yuan [HK$1.5bn] for 2009, from 867.1m yuan in 2008. Revenue increased by 50.2% to 4.67bn yuan from 3.11bn yuan a year earlier.
The Shenzhen-headquartered property company says recovery in the mainland's real estate industry was mainly due to the economic stimulus package launched by the central government.
The results encouraged the group to further develop its real estate business in Pearl River Delta cities since the trend of urbanisation encouraged villagers to move out to these cities, and the group's development projects have been a popular choice.
South China Morning Post