Poly invests RMB 3.5 bln in Changchun

Published: 30 Mar 2009 22:30:44 PST

Mar. 31, 2009 (China Knowledge) - Poly Real Estate Group Co Ltd<600048>, a leading property enterprise in China, signed a contract with the local government of Nanguan District, Changchun City, Jilin Province to inject RMB 3.5 billion for real estate development, sources reported.

In spite of the sluggish property market in China, the Shanghai-listed company believes that there will be bright future for Nanguan District's large property project, which covers a land area of 540,000 square meters.

Reportedly, Poly (Hong Kong) Investments Ltd<119> recorded net profit of HK$223 million in 2008, a sharp year-on-year decline of 44.42%. Earnings per share were HK$0.122.

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