Vanke sees growth in sales, profit

Source: Xinhua | 2019-03-27

Property company China Vanke Co Ltd yesterday reported solid growth in revenue and profit for calendar 2018. Revenue jumped 25.2 percent to 297 billion yuan (US$44 billion) and profit attributable to shareholders rose 20.4 percent to 34 billion yuan, the Shenzhen and Hong Kong dual-listed firm said late on Monday.

Sales were 607 billion yuan and 40 million square meters, year-on-year increases of 14.5 percent and 12.3 percent. Residential properties accounted for 84.9 percent of sales.

Vanke increased its share of the domestic housing market to 4.05 percent last year from 3.96 percent in 2017.

Last year, 91.4 percent of its residential properties were housing units under 144 square meters, the company said. Vanke also continued to expand its rental housing business.

The company’s long-term rental housing operation covers 35 cities and includes more than 60,000 units. The occupancy rate for projects in operation for more than six months was about 92 percent.