Newly-listed Debao Property Development, the developer of residential and commercial properties in Foshan, Guangdong province, China, reported a net loss of RMB23.3 million ($4.7 million) in FY2009 from RMB197.6 million in FY2008.

Revenue of the company and its subsidiaries rose 3.6 times to RMB575.6 million in FY2009 from RMB124 million in FY2008 due to higher gross floor area (GFA) sold and recognised and higher average selling price (ASP) per square metre achieved in FY2009, attributable to robust market demand in China’s real-estate industry.

This was despite lower revenue contribution of RMB24.4 million from its construction contracts business compared to the RMB32.8 million achieved in the same period last year, due to the near completion of Phase of 1 of Jin Long Garden, a joint-venture project of the group.

In line with higher GFA sold and recognised in FY2009, cost of sales rose by 327% from RMB112.7 million in FY2008 to RMB481.2 million in FY2009.