Following management’s prepared remarks, we’ll open the call to questions. During the Q&A session, Mr. Zhang will speak in Mandarin, and I will translate his comments into English. Please note that unless otherwise stated, all figures mentioned during this conference call are in US dollars.
I will now turn the call over to Xinyuan’s Chairman and CEO, Mr. Yong Zhang. Please go ahead, sir.
Hello, everyone and thank you for attending us today. We were pleased that the third quarter was another strong quarter for Xinyuan. Contract sales and revenue growth increased significantly compared to last quarter on the prior year third quarter period. Xinyuan has made meaningful progress in a tough market environment with our effective sales and the marketing strategies including increased sales agent commissions and selective implementation of the common sales contracts is now local-resident buyers. Average selling prices were strong for the maturity of our project increasing over 10% compared to the second quarter, and over 18% compared to the 2010 third quarter. This helped to increase our gross profit margin and beneficially impacted our bottom line results. The third quarter launched one new project in the third quarter, Zhengzhou Royal Palace, which become our best performing project as measured by average selling price and contributed about 10% of our total contract sales.
There was eleven development projects that were active in the third quarter with total sellable GFA of about 1.2 million square meters. At quarter end, we had one project in the planning stage. We expect that our 75 project (Inaudible) improve at continued revenue and the profit growth leading us to acquire additional loan lend possible in the months ahead. As we bring down certain project, we continue to beat our new project and believe we have new land acquisition to announce in the coming quarter.