Poly Real Estate Group Co Ltd<600048>, a major property subsidiary of state-owned Poly Group, announced Monday that its net profit surged 66.26% year on year to RMB 548 million in the first quarter of this year.

The company said in a statement filed with the Shanghai Stock Exchange that earnings per share were RMB 0.16, up 60% year on year.

The company's operating revenue jumped 89.44% year on year to RMB 4.06 billion in the first three months.

Contracted sales rose 25.38% year on year to RMB 8.13 billion in the first quarter of this year, and contracted sales area amounted to 1.02 million square meters during the three-month period, 33.05% more than in the same period of last year.

The firm's properties under construction were 9.74 million sq m during the period, up 13.69% year on year.

The Chinese developer earlier announced plans to raise up to RMB 9.6 billion by issuing 700 million new shares at RMB 17.92 apiece via a private placement. The proceeds from the deal will be used to fund 13 property projects, including one in Beijing and one in Shanghai.