Vanke sales soar 33% year-on-year

The nation's largest real estate developer China Vanke Co Ltd has reported a surge in revenue of 33 percent year-on-year to 128.5 billion yuan ($21 billion) in the first nine months this year.

The Shenzhen-listed property giant sold 1.31 million square meters of gross floor space in September, and generated 15.57 billion yuan in revenue. From January to September, a total of 10.99 million sq m of residential space reached deal nationwide, according to a statement filed to the Shenzhen Stock Exchange on Wednesday.

In addition to the residential sales spree, Vanke snatched 11 land plots across the nation recently, with a total value exceeding 16 billion yuan.

One of the plots located in Shenzhen will be developed into office space. According to a Reuters report, this is seen as a signal that Vanke is strengthening its commercial property development capabilities.