Beijing developer North Star aims to lift sales in second half

State-owned property developer Beijing North Star expects steady growth in the market and is aiming for higher sales in the second half, after net profit rose 12.4 per cent in the first half from a year earlier to 556 million yuan (HK$699 million).

The firm, which has commercial and residential properties across Beijing and Changsha, Hunan province, reported turnover of 2.87 billion yuan, up 7.17 per cent.

Other developers also did well, with Poly Real Estate's net profit jumping 35.38 per cent, and China Vanke's, 22.3 per cent.

The mainland property market remains hot despite the central government's cooling measures.

"There was a minor impact on sentiment, but the actual severity of regulation is not as much," said James Macdonald, head of research for the mainland at Savills.

Land use right transfers amounted to a new high of 1.7 trillion yuan in the year's first six months, up 77.3 per cent, according to the Ministry of Land and Resources.