China State Construction sales jump in January-February

SHANGHAI: China's biggest homebuilder, China State Construction Engineering Corp (CSCEC), posted big gains in its construction and real estate business in January and February, signalling continued strength in the property market.

The value of CSCEC's new construction contracts in the first two months of the year jumped 85.3 percent from a year earlier to 55.8 billion yuan (RM27.13 billion), while real estate sales rose 71.5% to 6.5 billion yuan, the company said in a statement to the Shanghai Stock Exchange on March 10.

CSCEC forecast in January that its net profit for 2009 jumped more than 80%. -- Reuters