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October 26, 2009

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Home » Business » Real Estate

Vanke posts 30% rise in net earnings

CHINA Vanke, the country's largest property developer by market value, said yesterday that its net profit jumped 29.9 percent year on year to 2.96 billion yuan (US$433.3 million) in the first three quarters of this year.

The developer's revenue in the January-September period surged 31.1 percent annually to 29.54 billion yuan, it said in a quarterly report to the Shenzhen Stock Exchange.

The Shenzhen-based company sold 5.1 million square meters of housing nationwide from January to September, up 26.8 percent over the same period last year.

Vanke's housing sales totaled 5.57 million square meters for the whole of 2008, down 9.2 percent year on year amid a stagnant property market. Its net profit declined 16.7 percent in 2008 from the previous year.

China's property market has seen price and sale hikes after February, boosted by rising demand.

In the third quarter, Vanke's net profit was 430 million yuan, more than double from the same period of last year.


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