September 1 -- Guangzhou R&F Properties (2777.HK) filed its net profit and revenue grew 186 percent and 58 percent to 2.01 billion yuan and 10.98 billion yuan in the first half, reports Shanghai Securities News. Transaction value totaled 13.4 billion yuan, including 9.4 billion yuan from Beijing, Tianjin, and Guangzhou. Percentage changes cited in this article are year-on-year.

Hotel management revenue grew 37 percent to 91.9 million yuan in the first half. Property investment return grew 32 percent to 210.3 million yuan.

Company chairman Li Silian said the company completed and delivered 724,000 square meters of property in the first half, amounting to 25 percent of this year’s target. Li said it had 12.5 billion yuan cash on hand through the end of June. R&F Properties also lowered its transaction price by 10 percent in the first half and may slash another 10 percent in the second half. Li said he is still confident in fulfilling the annual transaction target of 40 billion yuan.