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China Vanke's property sales up 44.09% M-O-M in May

Jun. 5, 2012 (China Knowledge) - China Vanke Co Ltd<000002><200002>, the country's largest listed residential property developer by market value, announced yesterday that its property sales surged 44.09% MoM or 18.98% YoY to RMB 10.72 billion in May this year.

The developer sold 1.03 million sq m of properties last month, 34% more than in April or 26.54% more than in the same month of 2011.

In the first five months of this year, the company's property sales amounted to RMB 49.22 billion, down 8% from the corresponding period of last year. Sales area rose 6% YoY to 4.80 million sq m during the period.

The developer last month added three development projects with total land cost of RMB 647.2 million.

Data from the China Real Estate Index System showed that the average property price in 100 major Chinese cities saw narrowed MoM drop of 0.31% in May.

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