China Resources Beijing Land saw interim earnings surge 108 per cent to $80 million in the first six months, thanks to the mainland's housing reform. Turnover surged 172 per cent to $518.49 million. Earnings per share rose 87 per cent to 5.8 cents. No interim dividend was proposed. Beijing Land, an associate of China Resources Enterprise, said the sale of developed properties was its single largest income earner, with the remainder derived from rental income, property management and trading of building materials. Property sales contributed $512.32 million in turnover and $105.53 million in after-tax profit before deduction of minority interests. The company said the strong growth in turnover was due to a rush by many institutions to buy properties for use as staff quarters before the July 1 deadline expected to be imposed as part of housing-reform policies. There was also a robust increase in demand from individuals to acquire residential properties in Beijing. Sales by the group in the first half accounted for more than 10 per cent of the sales in Beijing. The company warned it might not experience the same strong turnover growth in the second half as Beijing had yet to detail its housing-reform policy and the deadline for implementation had been postponed. Beijing Land, whose sole asset is its subsidiary Beijing Hua Yuan, intends to add one to 1.5 million square metres to its land bank this year. Beijing Hua Yuan has interests in 28 principal property development projects and a land bank of about 3.2 million square metres. It is negotiating with potential parties for land acquisition. The area under discussion is in the range of two to 2.5 million square metres.