Shares in Shanghai Nine Dragon Co Ltd, a Shanghai-based real estate company, dipped 2.97 percent to close at 8.23 yuan ($1.21) on Wednesday despite a forecast jump in annual net profits last year.

In a statement filed to the Shenzhen Stock Exchange, Nine Dragon said it expected last year's net profit to jump more than 800 percent from 27.7 million yuan in 2008.

The profit rise was attributable to increase of home sales and prices in the last quarter in 2009, the statement said.