GUANGZHOU - Major Chinese real estate developer Poly Developments and Holdings Group Co Ltd posted a 47.9-percent year-on-year net profit increase in 2019 following steady property sales growth.

The Guangzhou-based property developer said in its annual report that its net profit reached 27.96 billion yuan ($3.96 billion), or 2.35 yuan per share, last year.

Meanwhile, it generated a revenue of around 236 billion yuan, an annual increase of 21.3 percent. The real estate business contributed to 94.8 percent of its revenue.

In the whole year, the company achieved a contract sales of 461.8 billion yuan, an annual growth of 14.1 percent. In addition, the contract sales area rose 12.9 percent year on year to 31.23 million square meters.

Boosted by the strong earnings growth, shares of the developer gained 3.01 percent in Shanghai Thursday while the benchmark Shanghai Composite Index closed 0.31 percent higher.