Jiangxi Zhong Jiang Real Estate Co Ltd said Tuesday its net profit of 2009 slumps more than 90 percent.

The company's profit fell to 14.8 million yuan ($2.2 million) in 2009, down 92.38 percent year-on-year, according to its annual report filed to the Shanghai Exchange listed.

Its earnings per share in 2009 dropped by 92.59 percent on a year-on-year base to 0.04 yuan, while its total assets in 2009 reached 2.6 billion yuan, up 8.17 percent from the previous year.

The report attributed the profit drop to the government's efforts to curb housing prices, including raising the reserve ratio and tightening bank lending.

Premier Wen Jiabao vowed to curb the excessive growth of home prices in major cities during the annual session of the National People's Congress.

Despite the report, the company's stock price rose 2.35 percent Tuesday to close at 8.71 yuan.

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