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August 5, 2009

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Home » Business » Real Estate

Vanke's net soars 23% on home sales

CHINA Vanke Co, the country's largest listed real estate developer, yesterday said net profit rose 22.5 percent to 2.52 billion yuan (US$369 million) in the first half of this year after it sold more homes.

Revenue jumped 26.4 percent to 21.8 billion yuan during the same period, China's biggest residential property developer said in a statement filed to the Shenzhen Stock Exchange yesterday.

Nationwide, the Shenzhen-based company sold 3.49 million square meters of new homes between January and June, a year-on-year increase of 31.2 percent. The sales totaled 30.76 billion yuan during the period, up 27.5 percent from a year earlier.

"Vanke's six-month performance is in line with our earlier expectations, with the Bohai Rim area emerging as a highlight in particular," said Su Xuejing, a real estate analyst at Changjiang Securities Co who has a "recommend" rating on Vanke shares. "We expect housing prices to further rise in the second half across the country and that will continue to benefit Vanke."

Geographically, the northern Bohai Rim area registered the largest increase in property sales during the six-month period. A total of 1.02 million square meters of new houses were sold for 7.47 billion yuan in the area, an increase of 64.2 percent and 59.8 percent from same period a year earlier respectively.

The southern Pearl River Delta region remained Vanke's largest market. The amount of new space sold there rose 46.3 percent to 1.1 million square meters and sales jumped 38.8 percent to 10.4 billion yuan.

The eastern Yangtze River Delta region, meanwhile, saw home sales totalling 929,000 square meters, or 9.83 billion yuan, completed, and they represented an on-year rise of 1.4 percent and 0.5 percent respectively.

Vanke also said it has added 4.14 million square meters of gross floor area to its land bank so far this year.


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