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Surge in sales

CHINA Vanke Co Ltd, the country's largest property developer by market value, said its property sales climbed 27.5 percent from a year ago to 30.76 billion yuan (US$4.50 billion) in the first half year. Vanke sold about 3.49 million square meters of houses, up 31.2 percent year on year, according to its statement released at the Shenzhen Stock Exchange on Saturday.

The company didn't say details of profits in the statement. In June alone, Vanke's property sales jumped 57.1 percent to 6.86 billion yuan. Sold area totaled 671,000 square meters, up 49.9 percent from the same month last year. In 2008, the company saw a 8.6 percent drop in its sales to 47.87 billion yuan amid a stagnant property market. Its net profits declined 16.7 percent from a year earlier.


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