Apr. 27, 2010 (China Knowledge) - China Vanke Co Ltd, the country's largest publicly-traded residential property developer, announced yesterday that its net profit surged 46.5% to RMB 1.13 billion in the first quarter of this year from RMB 768.8 million in the same period of 2009.
The increase in net profit was due to rising property prices, the Chinese developer said in a statement filed with the Shenzhen Stock Exchange.
The company's revenue for the first quarter dropped 8.1% year on year to RMB 7.5 billion from RMB 8.16 billion in the corresponding period of last year.
In the first three months, the company's property sales rose 23.5% year on year to RMB 15.09 billion, while its sales area fell 18.5% to 1.24 million square meters.
Property prices in 70 major Chinese cities rose 11.7% year on year in March, faster than in February, when prices rose 10.7%, according to an earlier report from China Knowledge.
