Apr. 24, 2012 (China Knowledge) - China Vanke Co Ltd<000002><200002>, the country's largest listed residential property developer, announced yesterday that its net profit rose 15.83% year on year to RMB 1.40 billion in the first quarter of this year.

The developer saw its operating revenue jump 29.81% year on year to RMB 10.35 billion in the period.

The company's property sales fell 12.5% year on year to RMB 31.07 billion in the first three months, and its sales area dropped 1% to 3.01 million square meters.

Average sales price stood at RMB 10,325 per sq m in the first three months, down 11.7% year on year.

At the end of the first quarter, the company held RMB 39.05 billion in cash, up from RMB 34.24 billion at the beginning of this year, and saw its net debt ratio falling to 23.0% at the end of March.