Property developer Glorious Property Holdings reported a sharp rise in its revenue and gross profit for last year, driven by strong demand for luxury residential projects in first- and second-tier cities on the mainland.
Consolidated revenue surged 56.3% to 6.17bn yuan (HK$7bn) from the 3.94bn yuan recorded for 2008. Gross profit rose 79.4% to 2.96bn yuan. Net profit attributable to shareholders jumped 88.5% to 2.36bn yuan during the period.
"The higher revenue was driven by the gross floor area of properties increasing from 436,907 sq m to 570,597 sq m," says Zhang Zhirong, chairman of the board and executive director of Glorious Property.
South China Morning Post