China Resources Land expects to book more than one billion yuan in revenue from property sales in the second half as it continues to launch new projects to minimise the impact of the mainland's austerity measures. The red-chip developer, one of the biggest in the mainland, said it would have more than 3,200 flats for sale, of which more than 50 per cent would be in Beijing. Flagship projects in the pipeline include 1,585 units at Phoenix City Phase 2 of the Phoenix City office area in Beijing and 903 flats at Jade City Phase 2 in Chengdu, with the remainder in Shanghai, Wuhan and Hefei. At least one billion yuan from sales in the Phoenix City project would be booked in the second half, chief financial officer Jeffrey Lin Chuchang said. 'With the abundant resources at the group's disposal during the second half of this year, it is expected that the strong sales momentum from the first half will continue,' chairman Wang Yin said. Mr Wang's optimism came after the company saw its earnings for the first half to June rise sharply despite the negative impact of the government austerity measures to battle overheating property prices, whose growth slowed to 10.1 per cent from 14.4 per cent in the same period last year. To minimise the impact, the developer said it had accelerated sales of low-density projects in the suburbs and office properties in Beijing in the first half. The company posted a net profit of $196.67 million, or 13.05 cents per share, in the first six months, compared with $47.39 million and 3.15 cents a year earlier. The earnings included a revaluation gain of $6.25 million from investment properties. Turnover soared to $1.23 billion from $505.2 million in the year-ago period. Gross profit margin improved to 21.84 per cent from 8.02 per cent. Despite the surge in earnings, the company has not proposed an interim dividend.