Poly Real Estate Group, the mainland's largest state-owned developer, said profit jumped 61.9 per cent last year as property prices and sales rose in its home base in Guangzhou.
Poly Real Estate, which listed in Shanghai last year, also said it planned to sell up to 350 million A shares to fund nine projects involving investment of 13.4 billion yuan. It did not give a timetable for the share sale.
Its profit rose to 658.77 million yuan from 406.85 million yuan the previous year, as sales jumped 68.63 per cent to 3.71 billion yuan from 2.2 billion yuan.
The company proposed a dividend of 10 shares plus 30 fen for every 10 shares held by shareholders. Poly Real Estate is benefiting from strong demand for property in big mainland cities, such as Guangzhou, which is driving up prices despite the government's measures to cool property price growth.
Residential prices rose 23.4 per cent last year in Guangzhou to 6,315 per square metre, 16.7 per cent in Beijing to 8,792 yuan per square metre and 4.8 per cent in Shanghai to 8,682 yuan.
Sales volume rose 2.1 per cent in Guangzhou, 3 per cent in Beijing and 19 per cent in Shanghai.
Poly Real Estate said it planned to invest 12.5 billion yuan, 25 per cent more than last year, to complete 1.7 million sq metres of properties this year and targeted sales of 10 billion yuan.