China Overseas Land & Investment Ltd, the country's largest property developer by market value, posted a 3 percent rise in third-quarter operating profit, helped by strategic pricing in higher tier cities to counter tightening measures. The state-backed company, which focuses on mid- to high-end residential properties, posted an operating profit of HK$6.35 billion ($819 million) in the July-to-September period, up from HK$6.15 billion a year earlier, it said in a filing on the Hong Kong stock exchange on Tuesday.
Many analysts contacted by Reuters said they did not have estimates for third-quarter or nine-month results for China Overseas, which competes with developers such as China Vanke Co Ltd and Evergrande Real Estate Group Ltd. China's property prices have been rising sharply over the past few years, prompting authorities to unveil more tightening measures to cool the market.
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