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Vanke’s net profits surge 30.4% in 2012
February 27, 2013, 5:37 pm

[Xinhua]

Vanke sold 12.96 million square metres of housing last year [Xinhua]

China Vanke Co., the country’s largest property developer, say net profits reached 12.55 billion yuan ($2 billion) in 2012, increasing 30.4 per cent year on year.

In a yearly financial report the company said they raked in 103.12 billion yuan in operating revenues in 2012, up 43.7 percent from the previous year.

The property giant sold 12.96 million square metres of housing last year, up 20.5 per cent from 2011, according to the report.

The company developed 78 new housing projects in 2012 with a total planned floor area of 15.89 million square metres.

Vanke is now planning housing projects with 39.47 million square metres of total floor area.

Tan Huajie, board secretary of Vanke, said home sales nationwide were sluggish in 2012, although the company believes that non-investment demand is stable.

Tan said 90 per cent of Vanke’s sales in 2012 were mid-or small-sized homes with a floor area of less than 144 square metres.

Boosted by the company’s bullish performance, Vanke’s stocks rose 4.62 per cent on Wednesday to end at 11.32 yuan per share.

Earlier this month the company announced they had entered into a property venture in San Francisco in an attempt to penetrate the US market.

Xinhua