Vanke’s net earnings surge 25% in H1

Source: Xinhua | 2018-08-22

China’s leading property developer Vanke posted a 24.9-percent year-on-year rise in net profit in the first half of the year, the company said yesterday.

China Vanke Co said its net profit was 9.12 billion yuan (US$1.32 billion) in the first six months of 2018.

Revenue surged 51.8 percent annually to 105.97 billion yuan in the first half, according to a company statement.

Besides property development and services, Vanke also launched rental housing as a core business in 2018, striving to become a leading global rental housing company, the statement said.

As of the end of June, Vanke’s long-term rental housing business had covered 30 major cities and over 40,000 units.