China Overseas Land & Investment's attributable profit surged 334 per cent for the first six months this year compared with the previous year. Profits for the half year to June 30 were HK$223.26 million, bolstered mainly by satisfactory growth in mainland property sales. Chairman and chief executive Sun Wenjie said sales of mainland property developments recorded an 80 per cent increase compared with the same period a year earlier, while sales in Hong Kong fell 38 per cent on a downward correction in the domestic market. Mr Sun said the group would continue expanding in the mainland, but he expressed caution over business developments in Hong Kong. 'We are not giving up on the Hong Kong property market,' he said. 'But we need to be very cautious, considering the losses from property investment the company has experienced over the past two years. 'The main focus of business development at the moment is in China.' For the first half of the year, operating profit rose 345.9 per cent to HK$204.1 million, while turnover increased 107.1 per cent to HK$2.2 billion. The company recorded a HK$69.92 million profit from associated companies' contribution during the period, a 183.7 per cent rise from a year earlier. Earnings per share amounted to 4.11 HK cents, up 332.6 per cent from 0.95 HK cent previously. An interim dividend of two HK cents per share was recommended. No interim dividend was paid last year. The company has bought three development lots in Chengdu and Shenzhen, adding 8.26 million square feet of gross floor area to its land bank of 21 million sq ft. Mr Sun said the company was investing in several developments, comprising about 5.4 million sq ft in gross floor area, in Hong Kong and the mainland. The investments, which would be for sale in the second half of the year, could generate proceeds of HK$7 billion. China Overseas also announced it had signed an agreement with Guoxin Bidding and China Economic Data to acquire a 34 per cent share in Chinabidding.com.cn for cash. Mr Sun said the investment cost of the newly acquired technology venture would be HK$14 million.