Housing News
- Vanke posts sales of US$833m
Date: 7-Sep-2007 Sources: (Shenzhen Daily)
CHINA Vanke Co., the country's largest publicly traded real estate developer, increased property sales 72 percent in August to 6.28 billion yuan (US$833 million) as rising wages fueled gains in house prices.
The Shenzhen-based company sold apartments with a total floor area of 705,000 square meters last month, Vanke said in a statement Thursday, without giving year-earlier figures. Vanke sold 3.66 billion yuan of property in July. Rising incomes and a shortage of new homes are pushing residential prices up at the fastest pace in almost two years. Vanke last month said first-half profit rose 31 percent after prices of new homes in its key base of Shenzhen jumped 14 percent in June alone.
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