Property lull drags down Vanke profit

Vanke, China's largest listed real-estate firm, saw its third-quarter profit drop 13.4 percent due to shrinking sales in a sluggish housing market.

The company's net income from July to September fell to 215 million yuan on a yearly basis, Vanke said in a statement to the Shenzhen bourse yesterday. And its property sales dropped 32 percent to 11.5 billion yuan in the third quarter.

"Vanke will stick to the 'cash is king' strategy, which will allow the company to ensure steady and healthy operation, while getting prepared for any market opportunities that may arise," the statement said.