China Resources Beijing Land, which raised $800 million at its listing in November last year, has reported a 38 per cent increase in net profit to $250.39 million for the year to December. Turnover at the mainland property arm of China Resources Enterprise dropped to $720.71 million from $745.35 million in the previous year. Earnings per share were 26 cents. The directors recommended a final dividend of 7.2 cents a share. Chairman Frank Ning Gaoning attributed the growth in earnings to an improvement in the Beijing property market during the year. He said the improvement in living standards of Beijing residents had encouraged and allowed more families to own their properties. The company plans to add 10.76 million square feet of land to its land bank this year.