Real estate developer Vanke posts record growth

Leading real estate developer, China Vanke Co, posted revenue and profit growth in 2017 as the Shenzhen-based company further expanded its market share across the country.
Imaginechina

Leading real estate developer China Vanke Co posted revenue and profit growth in 2017 as the Shenzhen-based company further expanded its market share across the country.

Revenue climbed 3.7 percent from 2016 to 237.34 billion yuan (US$37.86 billion), and net profit attributable to equity shareholders jumped 33.4 percent to 28.05 billion yuan, China Vanke said in a filing to the Hong Kong stock exchange late last night.

Property development, which contributed 95.9 percent of the company's total revenue, continued to record solid growth.

Some 35.95 million square meters were sold, bringing in 529.88 billion yuan last year, an increase of 30 percent and 45.3 percent, respectively, from 2016.

By market share, China Vanke's share in commodity housing — new homes excluding government-subsidized affordable housing — rose from 3.1 percent in 2016 to 3.96 percent in 2017, according to the company, which ranked first in 22 cities in terms of sales.

Vanke's property service business, present in 80 cities around the country by the end of 2017, surged 71.7 percent to 6.96 billion yuan in revenue.

In residential leasing, the company, which has set a target to become the world's leading residential leasing firm, had tapped into 29 first- and second-tier Chinese cities by the end of last year, with a total of 100,000 units secured under its long-term rental apartment brand "Port Apartment." More than 30,000 units were opened, it said.


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