Evergrande core profit up on more completed projects

Hong Kong

CHINESE property developer Evergrande Real Estate Group Ltd said on Monday that record sales and an increase in completed projects helped lift its 2014 core profit 16.5 per cent, beating estimates.

China's fourth-largest property developer by assets also forecast a pick-up in the whole sector this year, just as the central bank eased home purchasing policies for an industry that contributes some 10 per cent to GDP and which has been hit by the economic slowdown and a raft of cooling measures.