Gemdale Corp, China’s eighth- biggest property developer by market value, said third-quarter profit rose more than fourfold after it wrote back a charge.

Net income climbed to 482 million yuan ($71m), or 0.21 yuan a share, from 110 million yuan, or 0.05 yuan, the same period last year, the company said in Shanghai stock exchange filing today. Sales fell 19 % to 1.7 billion yuan.

Shenzhen-based Gemdale wrote back a 246 million yuan charge made last year, according to the statement.