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Vanke's Wang becomes richest developer

By Gao Yuan (chinadaily.com.cn)
Updated: 2011-03-08 10:58

Wang Shi [Photo / Asianewsphoto]

China Vanke Co Ltd's Chairman Wang Shi has become the richest property developer in China, with 7.6 million yuan ($1.13 million) in earnings in 2010, Guangzhou Daily reported Tuesday.

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Replacing Ren Zhiqiang, the chairman of Huayuan Group, Wang's income has surged about 28.8 percent year-on-year, the report said. Ren earned 7.58 million yuan last year.

According to Vanke's annual report, the company made a net profit of 7.3 billion yuan last year, up 36.7 percent year-on-year.

In 2010, the country's 15 listed developers made net profits of 17.5 billion yuan, the report said, citing the companies' financial reports.