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Damp housing sector cools Vanke results
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CHINA Vanke, the country’s largest property developer by revenue, posted slower growth in sales value in the first eight months amid a cooling housing market, according to a company statement yesterday.
The value of houses sold in the January-August period rose 14.6 percent from a year ago to 129.4 billion yuan (US$21 billion), slower than the 20.6 percent growth in the first half of the year, the company said in the statement filed with the Shenzhen Stock Exchange.
The company sold 10.98 million square meters in the first eight months, up 13.5 percent year on year, compared with a 14.6 percent growth in the January-June period, Vanke said.
The real estate sector has cooled across China since the beginning of this year, prompting a growing number of regional governments to scrap home-purchase restrictions.
Vanke noted it needs to pay 1.12 billion yuan for two development projects in Urumqi, capital of the Xinjiang Uygur Autonomous Region and Zhengzhou, capital of Henan Province.
The company owns 49 percent of a 189,000-square-meter plot in Urumqi and 51 percent of a 152,000-square-meter parcel in Zhengzhou.
Vanke shares rose 1.8 percent to close at 9.67 yuan yesterday.
Vanke’s net profit rose 5.55 percent year on year to 4.81 billion yuan in the first six months of this year.
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