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March 3, 2010

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Home » Business » Real Estate

Recovery lifts Vanke's net profit

CHINA Vanke Co, the country's largest real estate developer, has said its net profit surged 32 percent year on year in 2009 amid a strong rebound in the nation's property market.

Net profit totaled 5.3 billion yuan (US$776 million) last year, and the company's business revenue jumped 19.2 percent to stand at 48.88 billion yuan, Vanke said in its annual business report filed to the Shenzhen Stock Exchange late Monday.

Earnings per share grew 29 percent from a year earlier to 0.48 yuan in 2009, according to the report.

The developer announced in early January that it sold 19.1 percent more floor space - 6.63 million square meters - last year from a year earlier.

Figures from the National Bureau of Statistics showed home prices in 70 large and medium-sized cities across the nation rose 1.5 percent annually in 2009.

Vanke forecast a rosy outlook for profit growth this year.


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