LONDON-Property giant Grosvenor, based here, has returned from development hibernation and plans on expanding in a number of countries. The company reported Tuesday that it had a profit of about $566 million in 2010, up from a loss of $338 million in 2009.

The company said it will be stepping up reinvestment again after four years of declining development exposure. Mark Preston, group CEO, said the company laid the foundations of growth during 2010. “After two years of mildly negative returns, 2010 saw them move in line with the historic long-term average,” Preston said in a statement. “We have ambitious plans for the future.”

He said the company is committed to expansion in Asia, especially China, and to reinvesting in London. “We still see threats to a sustained recovery, but Grosvenor’s diversified business and financial prudence will stand us in good stead,” Preston said.

The company has properties across the world, including in 18 of the major core cities. In London, the company stepped up development activity to five projects, and has achieved planning consents on a number of other projects for this year, according to a Grosvenor statement.

Firm executives said that the strong Canadian market overrode weak gains in the United States in for the company in 2010. In Europe, the firm’s 50% ownership in shopping center developer Sonae Sierra dominated the portfolio, with total returns jumping 6.2% year over year.

In Asia, the company said it only had about 5% of capital in development projects in 2010, but the firm will boost this to 30% development and 70% investment in the long-term. The strength of the Chinese economy, which grew 10% in 2010, improved revenue profit to $12 million from a loss of $14 million in 2009. The company also expects strong economic growth in Australia in the next 12-18 months.