Poly Real Estate's profits up 27.6%

BEIJING - Poly Real Estate Group, China's second-largest property developer by market value, announced on Thursday that its net profits for 2013 surged 27.63 percent year on year to 10.77 billion yuan ($1.77 billion).

The company's business income rose 34 percent from one year earlier to 92.33 billion yuan last year, it said in a report filed to the Shanghai Stock Exchange.

It attributed the surge to the completion and closure of real estate projects that added to the company's total revenues.

China's property market continued booming in 2013 despite the central government's efforts to rein in surging housing prices.

In November, all but one of 70 major cities monitored by the government reported gains in new home prices compared with one year earlier. Some 26 cities posted an annual increase of 10 percent or higher, with only prices in Wenzhou in east China's Zhejiang province failing to rise, according to the latest data from the National Bureau of Statistics.