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Higher sales propel Vanke's profit 30%
By Cherry Cao |
February 28, 2013, Thursday
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CHINA Vanke Co, the nation's largest listed real estate developer, said full-year profit rose 30 percent on increased property sales amid a recovering sentiment among buyers.
Net income totaled 12.55 billion yuan (US$2 billion) last year, up from 9.62 billion yuan a year earlier, the developer said in a statement to the Shenzhen Stock Exchange yesterday.
Revenue jumped 43 percent year on year to 96.9 billion yuan, it said.
"A notable improving momentum across the country since the second half of last year - in terms of volume and price - helped boost Vanke's sales and profit," said Sky Xue, an analyst with China Real Estate Information Corp.
"And its strategy to focus on the mass market projects also prevented it from being affected too much by the country's tightening (property) measures."
About 90 percent of Vanke's projects were homes no larger than 144 square meters as the developer focused on small and medium-sized homes as the mainstream products in China due to limited land resources and rapid urbanization.
Vanke will also focus on building homes to target the mass market in response to government curbs aimed to rein in housing speculation, Vanke President Yu Liang said in a press conference in Hong Kong yesterday.
Full-year contracted sales gained 16 percent to 141.2 billion yuan, an industry record, according to the company.
Net income totaled 12.55 billion yuan (US$2 billion) last year, up from 9.62 billion yuan a year earlier, the developer said in a statement to the Shenzhen Stock Exchange yesterday.
Revenue jumped 43 percent year on year to 96.9 billion yuan, it said.
"A notable improving momentum across the country since the second half of last year - in terms of volume and price - helped boost Vanke's sales and profit," said Sky Xue, an analyst with China Real Estate Information Corp.
"And its strategy to focus on the mass market projects also prevented it from being affected too much by the country's tightening (property) measures."
About 90 percent of Vanke's projects were homes no larger than 144 square meters as the developer focused on small and medium-sized homes as the mainstream products in China due to limited land resources and rapid urbanization.
Vanke will also focus on building homes to target the mass market in response to government curbs aimed to rein in housing speculation, Vanke President Yu Liang said in a press conference in Hong Kong yesterday.
Full-year contracted sales gained 16 percent to 141.2 billion yuan, an industry record, according to the company.
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