BEIJING - Poly Real Estate Group Co, China's second-largest property developer by market value, reported on Friday its lowest profit increase in ten years.

The company's preliminary net profit amounted to 12.3 billion yuan ($1.9 billion) in 2015, up by only 1.18 percent year on year, said a statement to the Shanghai Stock Exchange.

The annual increase compares poorly with double-digit rates during the past ten years.

Business revenue climbed 13.25 percent to 123.5 billion yuan, while sales were up 12.75 percent to 154.1 billion yuan.

China's property market took a downturn in 2014 due to weak demand and oversupply. This cooling continued into 2015, with sales and prices falling, and investment slowing.

Growth of property investment slowed to one percent in 2015, a sharp decrease from the 10.5-percent growth in 2014.