Poly Developments and Holdings Group Co., Ltd., better known as Poly Real Estate, posted a 20.33 percent annual growth in its net profits last year.

In its preliminary earnings estimate filed to the Shanghai Stock Exchange Tuesday, Poly Real Estate, the country's major real estate developer, said its net income attributed to the shareholders reached 18.8 billion yuan (about 2.78 billion U.S. dollars) in 2018.

Its total business revenues reached 193.6 billion yuan, up 32.31 percent year on year.

In the whole year, Poly Real Estate reported sales of 27.66 million square meters in floor area and sales value of 404.82 billion yuan, up 23.36 percent and 30.91 percent, respectively.

In December, the company saw rises of 18.5 percent and 4.5 percent in floor area sale and sales value to 2.97 million square meters and 36.53 billion yuan year on year, respectively, said the report.

Shares of Poly Real Estate, however, closed 0.76 percent lower at 11.68 yuan Tuesday when the benchmark Shanghai Composite Index closed 1.36 percent higher at 2,570.34 points.