By Yifan Wang
China Overseas Land & Investment Ltd.'s net profit fell 8.5% last year despite higher revenue, as mounting margin pressure and lower fair-value gains weighed on the developer's bottom line.
The company on Thursday posted net profit of 40.16 billion yuan ($6.33 billion) in 2021, while revenue rose 30% to CNY242.24 billion.
Contracted property sales for the year increased 2.4%, it said.
The company said it expects China's real-estate market to remain "a pillar industry of the national economy" with "high essential value" even as tighter policies would push down the sector from its earlier peak.
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(END) Dow Jones Newswires