China Overseas Land's net profit up 21 percent

China Overseas Land & Investment Ltd posted a 21.1 percent year-on-year increase in its 2012 net profit, due to the strong rebound of the mainland property market, the company said in its annual financial statement on Monday.

Net profit for 2012 totaled HK$18.72 billion ($2.4 billion), up from HK$15.46 billion in 2011, according to the statement.

The developer's annual turnover rose 25.8 percent to HK$64.58 billion in 2012, among which its businesses on the mainland contributed 92 percent.

The company said it was targeting property sales of no less than HK$100 billion in 2013.