Vanke, Gemdale report higher income

SHANGHAI: Two Shenzhen-based property developers, Vanke and Gemdale Corp, both yesterday reported better incomes in the third quarter thanks to higher sales in the three months, and analysts said the housing market might stabilize in the following months.

Vanke, the nation's largest developer by market value, reported a net profit of 430 million yuan in the third quarter, up 101 percent year-on-year.

The Shenzhen-listed firm said it sold a total of 5.1 million sq m of gross floor area, worth 46.15 billion yuan, during the first nine months, a jump of 26.8 percent compared to the same period in 2008. Revenue from sales jumped by 29.6 percent in the same period.