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Vanke sees 1st quarterly net fall in 12 years
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CHINA Vanke, the country’s largest property developer by revenue, yesterday posted a decline in first-quarter profit compared with a year earlier, its first drop in quarterly profit since 2002.
Net profit fell 5.23 percent to 1.53 billion yuan (US$244 million) in the first three months from last year’s 1.61 billion yuan, said a report on the website of the Shenzhen Stock Exchange.
During the January-March period, Vanke’s revenue plummeted 32.16 percent to 9.5 billion yuan, it added.
The Shenzhen-based company said it completed 984,000 square meters of buildings in the first quarter, just 6.6 percent of the real estate projects that it has planned for 2014.
However, Vanke is expected to be able to achieve the whole year’s target and see its earnings expand steadily for the year.
The developer attributed the weak revenue and profit to seasonable factors because the first quarter is typically a slow period as most of the property projects are completed and most sales made in the second half of the year, especially the fourth quarter.
Vanke did not specify detailed reasons for the company’s first quarterly net profit decline since 2002.
The news came amid growing signs of cooling in China’s property market following an excellent three or four years previously.
In March, 14 out of 70 major Chinese cities reported home prices either decline or stagnate on a monthly basis, the highest figure since early 2013. The average growth rate of the cities dipped to the lowest level for the past 15 months.
Under pressure, some Chinese local governments have decided to ease home purchase restrictions set years ago to curb speculation and increases in home prices.
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