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Vanke's sales drop 39.84% MOM in Feb

Mar. 6, 2012 (China Knowledge) - China Vanke Co Ltd<000002><200002>, the country's largest listed residential property developer, realized RMB 7.34 billion in sales revenue last month, reflecting a sequential decline of 39.84%, according to a statement filed with the Shenzhen Stock Exchange.

On a year-on-year basis, however, the real estate developer saw sales revenue for February increase by 20.72%, due to a low base of comparison as the Chinese New year holiday of last year was in February 2011.

Last month, the firm's sales area dropped 39.5% month on month but increased 31.15% year on year to 720,000 square meters.

The company did not launch any new property project in February after it introduced new properties in each of the past 34 months.

In the first two months of 2012, state-owned Vanke sold about 1.91 million sq m of properties for a total of RMB 19.05 billion, down 13.35% and 27.23% from a year earlier, respectively.

The average residential property price was RMB 8,767 per sq m in China's 100 cities last month, reflecting a sequential decrease of 0.3% from RMB 8,793 per sq m, and the sequential decline in January was 0.18%, said the China Real Estate Index System.

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