China Merchants Property Development (000024,200024) recorded a 28.85 percent year-on-year rise in 2011 net profit to 2.59 billion yuan on a 9.64 percent increase in revenue to 15.1 billion yuan, reports Oriental Morning Post, citing a company filing.

The property developer had 37 developments in 14 cities available for sale in 2011. It recorded transaction value of 21 billion yuan and transaction area of more than 1.2 million square meters, higher than the 14.63 billion yuan and 951,700 square meters recorded in 2010.

China Merchants Property plans to start construction on an area of 2.9 million square meters in 2012, and intends to report completed construction area of 2.4 million square meters this year.

The company is targeting transaction area of 1.24 million square meters and transaction value of 21 billion yuan in 2012, and said there is a risk of of oversupply in the real estate market, with home supply expected to reach a new high in the second half of 2012.

According to China Merchants Property, the company will focus on sales in 2012, and its offices in different cities will attempt to drive sales through the online sales channel and group purchases. The launch of new projects will depend on the market status.

China Merchants Property had offered discounts for a majority of its developments, and the highest discount for a project in Shanghai launched on March 17 was 40 percent.

The developer announced plans to offer cash dividends of two yuan for every 10 shares held.