Potential homebuyers examine a property project model in Nanjing, East China's Jiangsu province, Feb 28, 2016. [Photo/VCG]

BEIJING - Chinese-listed property developers still relied on credit to expand business with record high indebtedness last year, an industry report showed.

The debt ratio of the surveyed 198 listed real estate firms averaged 96.09 percent last year, up 7.23 percent year on year, according to a recent report released by China Real Estate Association.

Their average profit stood at about 1.6 billion yuan ($243 million), up 6.14 percent year on year while the rate of return on common stockholders' equity and rate of return on total assets both continued to fall, the report showed.

The real estate rebound in China appears to be gaining pace, with contracted sales and home-price growth in second- and third-tier cities accelerating after the surge in first-tier cities.