August 26 -- The biggest private conglomerate in China, Fosun International (RCode:0656:), posted a 110.88 percent year-on-year increase in first half 2011 net profit to 3.399 billion yuan, reports China Business News, citing a company filing. Sales revenue rose 23.6 percent year-on-year to 25.55 billion yuan.

Except for the real estate business, the company’s pharmaceutical, steel, and mining businesses reported year-on-year increases in earnings.

Fosun International’s real estate business posted a 35.42 percent year-on-year decrease in revenue to 2.26 billion yuan, while net profit fell 61.01 percent to 388 million yuan.

Fosun International attributed the decrease in the net profit of its real estate business to the sale of a 75 percent stake in its Tianjin property subsidiary last year, and to the lower settled prices of its property transactions in the first half.

Shanghai Forte Land (2337.HK), a subsidiary of Fosun International, was delisted on January 20 this year.

Forte Land’s sales revenue was 8.652 billion yuan in 2010, below the 35.9 billion yuan recorded by Poly Real Estate Group (600048) last year.

Source:capitalvue