China Vanke net profit grows 28.7 pct in Q1

Updated 2018-04-26 11:09:03 Xinhua

China's leading property developer Vanke posted a 28.7-percent year-on-year increase in net profit in the first quarter of the year, a company statement said Wednesday.

China Vanke said its net profit reached 890 million yuan (about 141 million U.S. dollars) in the first three months, in a filing to the Shenzhen Stock Exchange.

The profit growth was slower than the 33.4-percent rise in 2017 but faster than the 16.5-percent increase recorded in the same period of last year.

Operating revenue surged 65.8 percent year-on-year to 30.8 billion yuan in the first quarter, according to the statement.

However, the company said financial costs rose in the quarter due to increased financing.

Property sales on contracts climbed 2.7 percent year on year to 154.3 billion yuan.

Nationwide, Chinese developers saw total house sales in value went up 10.4 percent year-on-year in the first quarter, a slower growth than the 13.7-percent increase in 2017.

China's property market has retreated from its red hot expansion as home prices have faltered or saw slower increases in major cities amid government policies to curb speculation.

China Vanke said it would continue a prudent investment strategy and make rental housing its core business.

The company's share price in Shenzhen dropped 2.62 percent to 30.12 yuan on Wednesday.

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