Statistics

China's Vanke posts soaring sales in Jan

(Xinhua)
Updated: 2010-02-05 16:09

BEIJING: China Vanke Co, Ltd, the country's largest property developer by market value, said Friday its revenue from total floor space sold in January surged 185.9 percent year on year.

In a statement to the Shenzhen Stock Exchange, Vanke said its sales totaled 6.26 billion yuan ($916 million) in January on the back of the 523,000 square meters floor space it sold, a 83.3 percent jump from the same period last year.

The floor space Vanke sold in January was up 29 percent from 405,000 square meters of December 2009, while its sales registered a 14 percent month-on-month rise from December's 5.5 billion yuan.

The strong performance came in the wake of a series of moves taken by the Chinese government to cool down its housing market in recent months.

Vanke detailed its eight new projects in January, six of which were located in China's southern Guangdong Province. The developer would have to pay a total of 4.3 billion yuan for the lands, according to the statement.

Shares in Vanke Friday opened at 9.26 yuan per share, down 1.6 percent from the previous close, closed at 9.20 yuan, down 2.23 percent at midday.