Sep. 7, 2011 (China Knowledge) - China Vanke Co Ltd<000002
>, the largest publicly traded residential properties developer in the country, said yesterday that its property sales fell 12.6% from the same month of last year to RMB 10.48 billion in August this year, reflecting the first year-on-year decline this year.
The property sales in August rose 15.4% from July, said the company in a statement filed with the Shenzhen Stock Exchange
Last month, the developer sold 960,000 square meters of properties, 5% more than in the same period of 2010 and 22.8% more than in July.
The company attributed the decline in sales value to a decline in average sales price as about 80% of the properties sold last month were in second- and third-tier cities.
In the first eight months of this year, the company's contracted sales surged 47.8% year on year to RMB 84.57 billion, and sales area amounted to 7.33 million square meters, 50.4% more than in the corresponding period of last year.
The company in August added five projects in Beijing
Province and Xi'an