By Yifan Wang

Poly Developments & Holdings Group Co. said its 2020 net profit edged up 3.4% from a year earlier, thanks to higher sales.

The Chinese developer's net profit was 28.91 billion yuan ($4.46 billion), it said Monday.

Revenue rose 3.9% to CNY245.26 billion, mainly driven by sales recognition from completed property projects during the year.

Meanwhile, contracted sales grew 8.9% to CNY502.85 billion, Poly Developments said.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

01-18-21 0511ET