Vanke posts solid growth in 2018

Home builder China Vanke Co Ltd posted solid growth in both revenue and profit for 2018.

Revenue jumped 25.2 percent to 297 billion yuan (US$44 billion) during the 12-month period ending December while profit attributable to equity shareholders rose 20.4 percent to 34 billion yuan, the Shenzhen and Hong Kong dual-listed firm said late on Monday.

Property sales amounted to 607 billion yuan by value and 40 million square meters by area in 2018, year-on-year increases of 14.5 percent and 12.3 percent, respectively. Residential properties accounted for 84.9 percent of sales.

Vanke raise its share of the domestic commodity housing market to 4.05 percent last year from 3.96 percent in 2017. Last year, 91.4 percent of its residential products were housing units under 144 square meters, the company said.

Vanke continued to expand its rental housing business. The company's long-term rental housing operation covers 35 cities and included more than 60,000 units. The occupancy rate for projects in operation for more than 6 months stood at approximately 92 percent.