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Vanke sales up 50% year-on-year in June

By Song Jingli (chinadaily.com.cn)
Updated: 2009-07-06 16:35

Related readings:  Housing starts bounce back  Vanke aims to double market share  Is China's real estate recovery real?  China Vanke 2008 profit drops 17%, cuts housing starts

China Vanke Co Ltd, one of the largest property developers in China, has disclosed a big jump in its real estate sales in June.

Vanke sold 671,000 sq m of houses in June, a 49.9 percent rise year-on-year. Sales revenue reached 6.9 billion yuan in June, rising 57.1 percent from a year earlier.

Figures for the first half of this year showed nearly 3.5 million sq m of houses were sold, up 31.2 percent year-on-year. Sales revenue reached 30.8 billion yuan, up 27.5 percent year-on-year.

The company also disclosed that it had added eight projects since announcing its May sales statement. These projects, most of which are located in second-tier or third-tier cities, require 777,000 sq m of land, for which Vanke needs to pay 4.7 billion yuan.