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Vanke sets home sales record in August
By Cao Qian |
September 3, 2010, Friday
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CHINA Vanke Co reported today its August sales more than doubled from a year earlier to 11.99 billion yuan (US$1.76 billion), a monthly record for Chinese property developers.
Vanke's August revenue was a 42 percent increase from July, said the nation's largest listed developer in a filing to the Shenzhen Stock Exchange.
Vanke shares shed 0.82 percent to 8.50 yuan today. The Shenzhen Composite Index, which tracks the smaller domestic market, added 0.5 percent to 1,178.26 points.
The Shenzhen-based developer sold 915,000 square meters of new properties across the country last month, up 84.7 percent from a year ago.
"Right pricing strategy, no-hoarding sales plans and good designs contributed to Vanke's record sales in August," said Yu Liang, president of China Vanke.
Vanke put a record amount of new properties on the market in August and 75 percent of them were bought immediately, said Tan Huajie, board secretary of Vanke.
In the first eight months of this year, Vanke achieved 57.21 billion yuan in sales and sold 4.87 million square meters of housing properties, compared with 40.69 billion yuan and 4.57 million square meters in same period of 2009.
Vanke plans to accomplish sales of 90 billion yuan for the whole 2010, an increase of more than 40 percent from 2009.
The company said last month that it would commence construction on properties totalling 5.85 million square meters this year, a revised figure from 4.03 million it set earlier, to cash in on "rapidly recovering" market.
Vanke continued its national expansion by adding10 projects, according to the filing.
(Max)
Vanke's August revenue was a 42 percent increase from July, said the nation's largest listed developer in a filing to the Shenzhen Stock Exchange.
Vanke shares shed 0.82 percent to 8.50 yuan today. The Shenzhen Composite Index, which tracks the smaller domestic market, added 0.5 percent to 1,178.26 points.
The Shenzhen-based developer sold 915,000 square meters of new properties across the country last month, up 84.7 percent from a year ago.
"Right pricing strategy, no-hoarding sales plans and good designs contributed to Vanke's record sales in August," said Yu Liang, president of China Vanke.
Vanke put a record amount of new properties on the market in August and 75 percent of them were bought immediately, said Tan Huajie, board secretary of Vanke.
In the first eight months of this year, Vanke achieved 57.21 billion yuan in sales and sold 4.87 million square meters of housing properties, compared with 40.69 billion yuan and 4.57 million square meters in same period of 2009.
Vanke plans to accomplish sales of 90 billion yuan for the whole 2010, an increase of more than 40 percent from 2009.
The company said last month that it would commence construction on properties totalling 5.85 million square meters this year, a revised figure from 4.03 million it set earlier, to cash in on "rapidly recovering" market.
Vanke continued its national expansion by adding10 projects, according to the filing.
(Max)
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