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Vanke’s net profit growth slows to 0.8%
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China Vanke, the country’s largest property developer, said its profit growth slowed in the first six months of 2015.
Net profit for the period rose just 0.8 percent year on year to 4.85 billion yuan (US$759 million), the company said in a filing to the Shenzhen Stock Exchange.
The growth was sharply down from a 5.5 percent increase in the corresponding period of last year, and the 22 percent gain it reported for the first six months of 2013.
Vanke’s revenue for the first six months increased 22.7 percent year on year to 50.3 billion yuan, the company said.
After a run of boom years, China’s property market took a downturn in 2014, and the cooling has continued in 2015.
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