Beijing-based commercial developer Soho China increased its completed projects, boosting net profit 136 times to CNY1.72 billion in the first six months. Last year, the company’s interim earnings were only CNY12.53 million after completing just three projects, but this year, six major commercial and residential developments in Beijing and Shanghai resulted in turnover also surging 119 times to CNY8.66 billion. Soho China booked a total floor area of 182,934 square meters from the developments. The average price of projects climbed 31% to CNY46,837 per sq m, with a gross profit margin of 50%. The developer had set a target of generating CNY18 billion from contract sales this year. Chairman Pan Shiyi said it had already achieved 75% of that target, with CNY13.57 billion generated from four new projects in the first seven months. The projects are the Galaxy Soho, Soho Nexus Center and Sanlitun Soho in Beijing and The Exchange-Soho in Shanghai. Their average price was CNY53,216 per sq m, 23% higher than the contract sales in 2009. Chairman Pan said the developer would stick to the three economic centers of Hong Kong, Beijing and Shanghai.