Chinese real estate developer Vanke posts 33% jump in Oct sales
SHANGHAI (REUTERS) - China Vanke Co, the country's largest real estate developer by sales, said sales jumped 33 per cent in October from a year earlier to 13.7 billion yuan (S$2.7 billion) after rolling out seven new projects.
For the first 10 months, sales rose 2.4 per cent to 110 billion yuan, Vanke said in a statement to the Shenzhen stock exchange on Tuesday.
While China has restricted lending to the sector and limited the ability of citizens to buy certain types of property to curb speculation, large developers like Vanke have been winning business at the cost of smaller rivals as customers look to branding to avoid firms that might run aground financially.
Vanke's third-quarter profit more than doubled to 1.35 billion yuan, citing a recovery in the property market.