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Large Medium SmallChina Fortune Land Investment Development Co Ltd, a Shanghai-listed property developer committed to industrial park construction, posted a 31.34 percent increase in its 2012 net profits, the company said on Thursday.
The company's net profits reached 1.783 billion yuan ($283 million) last year, and its operating profit grew 43.95 percent to 2.52 billion yuan, according to its annual report.
By the end of 2012, the company had developed 15 industrial parks, mainly in cluster cities affiliated to key cities. For instance, the company, in cooperation with the local government, has built industrial parks in Gu'an and Dachang, both small towns near Beijing. And the Gu'an Industrial Park contributed more than 50 percent to the local government's revenue in 2008, according to the report by the Chinese Academy of Social Sciences.
The company expects better business this year as the country's quickened urbanization process must be supported by an industry upgrade, especially in small cities and towns.
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