Biz Scene: Market

Vanke profit up

China Vanke Co, the country's largest publicly traded property developer, said third-quarter profit rose 36 percent. Net income climbed to 248.9 million yuan from 182.8 million yuan a year earlier, the Shenzhen-based company said in a statement to the city's stock exchange yesterday. Sales surged 72 percent to 3.1 billion yuan.

The developer said profit this year may rise as much as 150 percent.

Subprime exposure

Bank of China (Hong Kong) Ltd said yesterday that its exposure to US subprime mortage-related asset backed securities had narrowed to HK$9.6 billion at the end of September from HK$12.8 billion in the second quarter.

The Hong Kong lender, a unit of Bank of China, said it booked a charge of HK$51 million for its exposure to subprime mortgage related securities.

BOC (HK) posted a nine-month operating profit before loan impairment allowances of HK$13.25 billion.

(China Daily 10/31/2007 page15)