China Vanke '10 net profit up 36.65%

Updated: 2011-03-08 09:58
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BEIJING - China Vanke Co, the country's biggest developer by market value, said its 2010 net profit rose 36.65 percent on strong demand for homes.

Its net income surged to 7.28 billion yuan ($1.1 billion), from 5.3 billion yuan in the previous year, the company said in a statement filed to the Shenzhen Stock Exchange Monday.

Operating revenue last year rose 3.75 percent year-on-year to 50.71 billion yuan, while earnings per share jumped 37.5 percent year-on-year to 0.66 yuan, it said.

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The company's contracted sales rose 70.5 percent from a year earlier to 108.16 billion yuan in 2010, becoming the first Chinese developer to exceed the 100 billion yuan mark.

Vanke attributed its increased earnings to China's home prices hike in 2010.

China's housing prices have been climbing steeply since June 2009, fueled by record bank lending and tax breaks. The monthly year-on-year growth rate hit a record 12.8 percent in April last year.

Government data showed last month that prices of new properties in 68 of 70 major cities surveyed grew from a year earlier in January, with 10 cities reporting double-digit increases in new home prices.