BEIJING - Greenland Holdings Corp Ltd, a major property developer in China, said its net profits for the first quarter of this year rose 26 percent year-on-year to 4.4 billion yuan ($657 million).

Business revenue grew 20 percent year-on-year to 348.426 billion yuan last year, with earnings per share standing at 0.93 yuan, according to its annual financial report filed to the Shanghai Stock Exchange.

Net profits for 2018 rose 26 percent year-on-year to 11.375 billion yuan, said the report.

Contract sales reached 387.5 billion yuan in 2018, up 26 percent year-on-year, the developer also said.