China Vanke reports surging sales in 2017

Updated 2018-01-05 09:31:05 Xinhua

China's top property developer reported a strong surge in sales volume in 2017 despite a cooling market, according to a company statement.

In a filing to the Shenzhen Stock Exchange, China Vanke said its sales revenue reached 62.23 billion yuan (about 9.58 billion U.S. dollars) in December, which brought the company's sales for 2017 to 529.88 billion yuan.

This marks a year-on-year increase of more than 40 percent, compared to the total sales volume of 364.77 billion yuan in 2016.

In the first three quarters of 2017, the company posted 34.2-percent growth in net profits, with sales jumping 50.7 percent year on year.

China's property market has cooled as home prices have faltered or posted slower growth in major cities amid government policies to curb speculation.

Real estate investment in China rose 7.5 percent year on year during January-November of 2017, down from 7.8 percent in the first 10 months, official data showed.

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