Vanke makes steady progress in H1

China Vanke Co reported solid performance in the first half of this year across various segments.

China Vanke Co reported solid performance in the first half of this year with steady progress being made across various segments.

Between January and June, revenue jumped 31.5 percent year on year to 139 billion yuan (US$19.7 billion) and profit attributable to shareholders rose 29.8 percent to 11.8 billion yuan, the Shenzhen and Hong Kong dual-listed property firm said late on Tuesday.

Sales were 334 billion yuan or 21.5 million square meters, representing year-on-year increases of 9.6 percent and 5.6 percent. Residential properties accounted for 87.8 percent while office and retail took a joint share of 9 percent, according to the company.

During the six-month period, 90.6 percent of its residential properties were small to medium-sized housing units under 144 square meters.

Vanke also continued to expand its property management and rental housing businesses.

In the first six months, revenue gained from its property management section jumped 27.1 percent to 5.28 billion yuan. In terms of the long-term rental housing operation, a total of 101 projects, or 20,600 units, were added during the period, increasing the company's domestic network to about 82,000 units across 35 cities. The average occupancy rate for projects in operation for more than six months stood at about 91 percent.

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