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Vanke sees 4.2% gain in annual profit for 2014
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CHINA Vanke, the country’s largest listed developer, yesterday said its annual profit was up 4.2 percent to 15.8 billion yuan (US$2.5 billion) last year amid a downturn in the country’s real estate sector.
The company sold 1.1 billion square meters of property in 2014, a 9.1 percent decline year on year. Home sales hit 6.2 trillion yuan, down 7.8 percent for the same period.
On Monday, the People’s Bank of China loosened its mortgage policies, slashing the down payment needed to buy second homes to 40 percent to boost demand in the housing market.
“We won’t change our verdict on the property sector due to the new policy. The golden times are gone, and we have to face a silver age,” said Yu Liang, Vanke’s president.
Vanke, formerly China’s largest developer by revenue, has been cautious toward new projects amid a downturn in the real estate sector across China since the beginning of 2014. It was beaten by another Shanghai-based company, Greenland Holding Group Co, in housing sales last year for the first time, according to statements unveiled by the two developers.
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