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China Vanke's property sales up 56.95% M-O-M in Mar

Apr. 6, 2012 (China Knowledge) - China Vanke Co Ltd<000002><200002>, the country's largest listed residential property developer, announced yesterday that its property sales surged 56.95% month on month or 23.47% year on year to RMB 11.52 billion in March this year.

The developer sold 1.10 million sq m of properties last month, 52.64% more than in February or 31.62% more than in the same month of 2011.

Board Secretary Tan Huajie said that the year-on-year growth in March sales was due to low comparison and easing credit on the purchase of first homes.

In the first three quarters of this year, the company's property sales amounted to RMB 31.07 billion, down 12.5% from RMB 35.51 billion in the corresponding period of last year. Sales area dropped 0.95% year on year to 3.01 million sq m during the period.

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