New World China Land Ltd. (00917.HK) posted an interim net profit of HK$3.4 billion (US$345.9 million) in the period to December, up 46.3 percent from a year earlier, it said in a regulatory filing Tuesday.
Core profit doubled to HK$2.92 billion while revenue climbed 81.5 percent to HK$11.88 billion. The property developer saw its net gearing ratio ease 0.8 percentage point to 29.8 percent
The average selling price for the period was 13,073 yuan (US$2,143) per square meter, down 28 percent from 18,035 yuan a year earlier.
The fall was due to projects being sold mainly in second and third-tier cities, company secretary Lynda Ngan told a media briefing. She expects average selling prices to hit 14,000 yuan to 15,000 yuan for the full year.
The company posted contracted sales of about 10 billion yuan, about 57 percent of its 17 billion yuan target, it said.
Ngan expects the central government to refrain from further tightening measures on the property market but some local administrations may impose tougher curbs if property prices keep rising.
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