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China Vanke reports 32% growth in 2011 net profit

Mar. 13, 2012 (China Knowledge) - China Vanke Co Ltd<000002><200002>, the country's largest listed residential property developer, announced yesterday that its net profit surged 32% year on year to RMB 9.62 billion in 2011.

The growth was slower than the 37% increase in 2010 when the developer's net profit reached RMB 7.28 billion, due to the Chinese government's control on the over-heated property market.

The company realized RMB 67.71 billion in revenue in 2011, 41.8% more than in 2010.

The developer last year saw its property sales rise 12.4% year on year to RMB 121.54 billion and its sales area grow 19.8% to 10.75 million square meters.

Yu Liang, president of China Vanke, expected that there would be no big change in the government's regulation on the real estate market in the following months, so the company is very cautious in land purchases. However, he said that the government has eased controls over loans for the purchase of first homes.

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