Evergrande Real Estate Group Ltd has surpassed China Vanke to become the mainland's second most profitable property developer, Securities News reported Wednesday.

Evergrande said its net profits in 2010 jumped to 8.02 billion yuan ($1.19 billion), an increase of 616.1 percent from a year ago. That exceeds Vanke's 7.28 billion yuan in profits during the same period.

China Overseas Property was the highest earner. The company raked in HK$12.67 billion ($1.63 billion) last year, China Business News (CBN) said.

Related readings:  Developers urged to sell houses at marked prices  Big players give a miss to Shanghai realty fair  Property prices dip as measures bite  Evergrande Jan sales nearly double

Evergrande's 2010 operating revenue surged to 45.8 billion yuan, increasing 700 percent since the previous year, according to CBN.

The company attributed its profit growth to an earlier plan to develop the real estate markets in China's second- and third-tier cities. The developer will continue this strategy in 2011, but it will not give up opportunities in first tier cities, Evergrande President Xu Jiayin said. Evergrande was sure to meet its 70-billion-yuan sales target in 2011, Xu said, noting any further property control policies would not significantly affect business.

International investment banks estimated that the developer will maintain its solid earnings this year. Goldman Sachs restated the stock's rating to "buying", and its target price rose to HK$6.55 from HK$6.52. Deutsche Bank also raised its price to 5.8 yuan, according to Southern Metropolis Daily.