China Vanke net profit up 24.9% in H1

SHENZHEN - China's leading property developer Vanke posted a 24.9-percent year-on-year increase in net profit in the first half of the year, a company statement said Monday.

China Vanke said its net profit reached 9.12 billion yuan ($1.32 billion) in the first six months of 2018.

Revenue surged 51.8 percent year-on-year to 105.97 billion yuan in the first half, according to the statement.

Besides property development and services, Vanke also established rental housing as a core business in 2018, striving to become a leading global rental housing enterprise, according to the statement.

As of the end of June, Vanke's long-term rental housing business had covered 30 major cities, and over 40,000 units in operation.