Evergrande earns over 60 billion yuan in 2011

(Ecns.cn)--Evergrande Real Estate Group Ltd, the mainland's second-largest developer by sales, announced on Wednesday during a press conference in Hong Kong that the company pulled in operating revenues of 61.92 billion yuan (US$9.8 billion) in 2011, representing a growth of 35 percent compared to 2010.

The net profit achieved by Evergrande increased by 47 percent, reaching 11.8 billion yuan (US$1.8 billion), according to the company's 2011 annual performance report released on Wednesday.

Last December and January were harsh times for the company, but the situation started to take a turn for the better this March, and sales revenues are expected to reach 80 billion this year, said Xu Jiayin, chairman of its board of directors.

Although the performance of the property markets in the country's first-tier cities like Beijing and Shanghai has not been encouraging, Evergrande made its gains in second- and third-tier cities. Its sales revenues for these urban centers increased by 59.4 percent year-on-year.

For 2012, the company has adopted a steady development strategy and will not buy any new land in the mainland market, according to Xu.